Which of the following is TRUE?
I. Checks are considered money because they can be used as a medium of exchange.
II. Checks represent a transfer of money.
A) I only
B) II only
C) both I and II
D) neither I nor II
B
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When talking about demand, price elasticity refers to the
a. price flexibility in response to demand changes. b. adaptability of suppliers to price changes. c. responsiveness of buyers to price changes. d. ability to stretch one’s budget by making wise choices.
Which of the following equations is most likely to represent short-run aggregate supply according to the misperceptions theory?
A) Y = 6000 B) Y = 6000 + 50(P - Pe) C) P = 2 D) PY = 12,000
Walton and Rockoff contend that the likelihood of a Great Depression happening again is _______ because (among other reasons) _______
a. substantial, our continued dependence on a highly volatile stock market b. substantial, of our reliance on a fractional reserve banking system c. remote, policymakers are unlikely to repeat the mistakes of the 1930s d. remote, industry now makes up a much larger share of GNP than it did in the 1930s
Perfect competition and pure monopoly are concepts useful primarily for realistic applications.
Answer the following statement true (T) or false (F)