A common trait of money through history and across cultures is that money
A) was always fiat money.
B) was always generally accepted as a means of payment.
C) always had mystical properties.
D) was always issued by the local government.
E) was always based on gold or some other precious commodity.
B
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In what way is development economics greater in scope than traditional economics?
What will be an ideal response?
In the formula used to measure the growth rate of multifactor productivity, the contribution of labor is represented by
A) bn. B) bk - bn. C) y - bk. D) (1 - b)n.
In comparing actively managed mutual funds with those funds that simply buy and hold a large market portfolio (index funds), we would expect that
A) the actively managed funds provide a higher return than the index funds. B) the index funds provide a higher return after expenses than the actively managed funds. C) actively managed funds and index funds provide the same returns. D) index funds provide a lower return than actively managed funds only if taxes are taken into consideration.
In the simple Keynesian model, if the tax function is given by T = 0.15Y and the consumption function is C = 50 + 0.7YD then a 10-unit increase in government spending would increase equilibrium income by
a. 10 units. b. 11.2 units. c. 22.4 units. d. 30 units. e. none of the above