Which function of money eliminates the need for multiple prices for each good as in a barter system?
A) store of value
B) standard of deferred payment
C) unit of account
D) valuable relative to its weight
C
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Suppose the MPC = 0.60 and government purchases increase by $40 billion. In Keynesian theory, which of the following is true?
A) The TE curve shifts downward by $40 billion and total spending decreases by $40 billion. B) The TE curve shifts upward by $40 billion, and total spending increases by $40 billion. C) The TE curve shifts downward by $40 billion, and total spending decreases by $100 billion. D) The TE curve shifts upward by $40 billion, and total spending increases by $100 billion.
Refer to the graph below showing the domestic demand and supply curves for a specific product in a hypothetical nation called Econland. At what price will Econland be neither importing nor exporting the product?
A. $1.00
B. $1.50
C. $2.00
D. $2.50