The unit of account is defined as
A) an object that is accepted in return for goods and services.
B) the medium of exchange.
C) the exchange of goods and services directly for other goods and services.
D) barter.
E) an agreed upon measure for stating prices of goods and services.
E
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The manner in which FDIC deposit insurance is set up in the United States encourages banks to
A) make riskier loans than they otherwise would. B) reject some loans that probably would be profitable. C) be too conservative in their lending practices. D) maintain excess reserves that are too great.
Between 1950 and 2015, the number of acres devoted to wheat production in the United States ________ and the price of wheat ________
A) declined; more than doubled B) more than doubled; increased by about 50 percent C) declined; decreased D) increased; more than doubled
Using average cost pricing, regulators of a natural monopoly
a. force the firm's economic profit to zero b. maximize the firm's economic profit c. achieve Pareto efficiency d. set price equal to cost where the LRATC curve crosses the demand curve e. set price equal to marginal cost where the MC curve crosses the demand curve
If investors feel that business conditions will deteriorate in the future, the demand for loans and the real interest rate in the loanable funds market will change in which of the following ways in the short run?
A) Increase/Increase B) Increase/Decrease C) Decrease/Increase D) Decrease/Decrease E) Decrease/No change