Gold is a perfect medium of exchange and measure of value because of its:
A. divisibility, portability, scarcity, and homogeneity.
B. divisibility and durability.
C. durability and relative scarcity.
D. durability and homogeneity.
Answer: A
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An institutional bank run is most likely to occur when:
A) firms and other banks withdraw money from a weak bank. B) firms and other banks deposit their money into a weak bank. C) households withdraw their money from a weak bank. D) households deposit their money into a weak bank.
In a competitive market, if the production process involves an external benefit, the market will
a. produce the economically efficient outcome. b. result in a market price that is higher than the efficient one. c. result in a market price that is lower than the efficient one. d. result in too much of the good being produced compared to the ideal efficient outcome.
In the first chapter of The Wealth of Nations, Smith introduces the idea of the __________, which means the way in which the work required to produce a good or service is divided into a number of tasks that are performed by different workers.
A. division of labor B. interconnected economy C. task economy D. modern economy
The U.S. federal government's largest unfunded liability is
What will be an ideal response?