Money serves as a unit of account, which means:
a. it acts as an intermediary between the buyer and the seller.
b. it will still hold its value.
c. it is the ruler by which other values are measured.
d. it must also be acceptable to make purchases today that will be paid in the future.
c. it is the ruler by which other values are measured.
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Suppose Mary is willing to pay up to $15,000 for a used Ford pick-up truck. If she buys one for $12,000, her ________ would be ________.
A. economic surplus; $12,000 B. cost; $15,000 C. benefit; $12,000 D. economic surplus; $3,000
Refer to the figure above. Social welfare will be maximized if ________ units of Good Y are produced
A) 9 million B) 20 million C) 13 million D) 16 million
The "nonconvergence" problem with the Solow growth model is that
A) a higher return to capital in poor countries should essentially cause all nations to have roughly the same standard of living, yet they clearly do not. B) if a disturbance dislodges an economy from the steady-state point, it continues moving further from that point indefinitely. C) technological change is assumed to just "drop from the sky." D) a rise in the rate of national saving does not raise the growth rate of real GDP per person.
Research demonstrates that elections can be swayed by factors other than the rational policy considerations of well-informed voters, such as:
A. handshaking. B. mudslinging. C. eating food at a county fair. D. All of these can sway a vote.