Checks and credit cards are NOT considered money because they
A) are issued by banks, not the Federal Reserve.
B) are not the means of payment.
C) typically require an identification requirement, such as your driver's license.
D) are not backed by all commercial banks.
B
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In the income-expenditure model, inventories are:
A. constantly changing and provide insight into the future of the economy. B. a long-run event that aids forecasters in understanding where long-run real GDP is. C. fixed and therefore provide little insight into the direction of the economy. D. often positive, suggesting that additions to inventory stocks are a long-run goal.
The bargaining power of buyers increases if
A) the input in question is not a critical component of production. B) there are wide variations in the quality of inputs from supplier to supplier. C) there are many large buyers. D) the input in question has few substitutes.