The transactions approach to measuring money includes
A) traveler's checks.
B) government bonds.
C) the value of shares of stock in commercial banks.
D) all of these.
A
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When comparing market and public sector decision making, which statement is NOT true?
A) Self-interest is the motivating force in each decision making arena. B) In both decision making sectors, majority rule is how things are done. C) In both decision making sectors, there are scarcity constraints. D) Collective (political) outcomes and economic outcomes may differ.
When the economy is to the right of the potential GDP, what type of gap exists?
a. An unemployment gap b. A structural gap c. A recessionary gap d. An inflationary gap
A law that encourages market competition by prohibiting firms from gaining or exercising excessive market power is
a. a patent b. in conflict with the Constitution c. supported by laissez-faire advocates d. impossible to enforce e. an antitrust law
If demand in a perfectly competitive market increases, then an individual firm in that industry will see its profits fall.
Answer the following statement true (T) or false (F)