Economists usually assume
a. that Americans' preferences are systematically different from Europeans
b. that there are some features common to the preferences of a wide variety of people
c. that everyone has the same preferences
d. that everyone has the same preferences that they (the economists) do
e. that individuals prefer to purchases goods rather than services
B
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A decline in the money stock will
a. shift the LM schedule to the right. b. shift the LM schedule to the left. c. not have any effect on the LM schedule. d. shift the IS schedule downward and to the right.
The three important functions of money are _____
a. medium of exchange, facilitation of trade, and unit of account b. unit of account, facilitation of trade, and store of value c. store of value, facilitation of trade, and double coincidence of wants d. facilitation of trade, medium of exchange, and unit of account e. medium of exchange, unit of account, and store of value