Which of the following statements is true?
a. All virtual currencies are electronic, and all electronic currencies are virtual.
b. Virtual money is, by definition, legal tender.
c. It is possible for virtual money to be (at the same time) a unit of account, store of value, and medium of exchange.
d. Virtual currencies are highly regulated.
.C
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If a monopolist produces to a point at which marginal revenue is more than marginal cost then
A. the firm should increase output. B. the firm should reduce output. C. the firm is maximizing profits. D. we do not know if the firm should increase or reduce without more information.
When there is an expansionary gap, inflation will ________, in response to which the Federal Reserve will ________ real interest rates, and output will ________.
A. decline; lower; expand B. increase; raise; decline C. decline; lower; decline D. decline; raise; decline
Based on the simple spending multiplier, which of the following will increase real GDP?
a. Decreased government spending b. Increased business taxes c. Increased investment spending d. Decreased consumption spending
For a given level of inflation, if bright prospects for the future of the economy cause businesses to increase their investment in new capital, then the ________ shifts ________.
A. short-run aggregate supply line; downward B. aggregate demand curve; right C. aggregate demand curve; left D. short-run aggregate supply line; upward