Which of the following sequences accurately describes the evolution of the payments system?
A) barter, coins made of precious metals, paper currency, checks, electronic funds transfers
B) barter, coins made of precious metals, checks, paper currency, electronic funds transfers
C) barter, checks, paper currency, coins made of precious metals, electronic funds transfers
D) barter, checks, paper currency, electronic funds transfers
A
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Which of the following is a true statement about the multiplier?
A) The multiplier is a value between zero and one. B) The smaller the MPC, the larger the multiplier. C) The multiplier rises as the MPC rises. D) The multiplier effect does not occur when autonomous expenditure decreases.
Whenever average output produced per worker during a specific time-period increases, then
A) leisure time increases. B) nominal GDP decreases. C) labor productivity increases. D) the standard of living goes down.