As opposed to a payments system based on barter, a payments system based on money
a. requires a double coincidence of wants.
b. leads to less specialization.
c. makes trades less costly.
d. None of the above is correct.
c
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In 1982, the retirement age was raised in such a manner that it is 65 for everyone born before 1938
A. and 70 for everyone born in 1960 or after, with a gradual increase in between. B. and 67 for everyone born in 1960 or after, with a gradual increase in between. C. and 70 for everyone else. D. and 67 for everyone else.
The evidence of building costs in the 1920s shows that the decline in total construction after 1926
(a) reflected the sharp increase in costs as the boom gathered strength. (b) occurred when building costs remained stable. (c) occurred in the presence of sharply falling costs that anticipated the 1929 crash. (d) was a result of the contractionary monetary policies of the Fed.
Reform of a country's trading system, including the reduction or elimination of trade barriers, is an example of
A) an orthodox stabilization plan. B) a heterodox stabilization plan. C) import substitution industrialization. D) structural reform.
Which of the following financial securities is most liquid?
A) a savings account B) a share of stock C) a cashier's check D) a $20 bill