The United States currently is
A) a debtor nation and has been since the end of World War II in 1945.
B) a creditor nation and has been since the end of World War II in 1945.
C) a debtor nation and has been since 1989.
D) a creditor nation and has been one since 1989.
E) neither a debtor nation nor a creditor nation.
C
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A barter economy refers to a situation in which goods and services are traded for other goods and services, with no money involved in transactions. The major shortcoming of a barter economy is
A) transactions cannot take place without money. B) the requirement of a double coincidence of wants. C) government has no way of collecting taxes. D) goods and services have no way of storing value.
In 2015, the Educational Testing Service (ETS) charged $52.50 to take the Scholastic Aptitude Test (SAT) but $195 to take the Graduate Record Exam (GRE). One reason for this difference in price is
A) the GRE is a longer test with more questions. B) more people took the SAT than the GRE in 2015. C) an average, those who take the GRE have higher incomes than those who take the SAT. D) the ETS faces competition in the market for the SAT but no competition for the GRE.
If planned aggregate expenditure is less than total production,
What will be an ideal response?
Which of the following might cause the inflation rate to spike up sharply?
(A) Prices on world oil markets rise steeply due to war in the Middle East. (B) Plentiful rainfall and moderate temperatures result in good harvests of wheat and soybeans. (C) The purchasing power of the average consumer decreases due to a sluggish economy. (D) The items in the CPI market basket change to account for changing consumer buying habits.