As the economy starts to contract, labor productivity falls as firms hold excess labor.
Answer the following statement true (T) or false (F)
True
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Kevin purchasing concert tickets with his debit card is an example of the ________ function of money
A) medium of exchange B) unit of account C) store of value D) specialization
Credit cards such as Visa and Mastercard are
a. money because they serve as a medium of exchange: it's much like "if it looks like a duck, walks like a duck, and quacks like a duck . . . it's a duck!" b. money because they are issued by financial institutions, such as banks, and are accepted almost everywhere in place of currency c. accepted by merchants as if they were money, and therefore they are money d. as liquid as currency, and therefore they are money e. convenient but not money because what you are really using when you use a card is your checking account which is the money
In response to the Great Recession of 2007-2009, when did the Federal Reserve first cut the federal funds rate to zero?
a. December 2007 b. June 2008 c. December 2008 d. January 2010
In Egypt, in 1970, the Aswan Dam was completed. By preventing the annual flood of the Nile (thereby providing millions of acres of arable land) and by providing electricity, the dam was expected to raise the living standard of the Egyptian people—and it has. However, it has also led to a rise in the water table, which causes Egypt’s limestone structures, including the pyramids, to absorb more salt water and to suffer serious erosion from crystallized salts. Combined with air pollution and traffic vibration, this erosion is turning the pyramids to dust. Economists analyze this type of problem with the concept of
A. an externality. B. the antiquity problem. C. a free-rider problem. D. the public good problem. E. the trade-off between equity and output.