The period of time from 1,000,000 B.C. to 1300 A.D. was a period of
A) moderate economic growth. B) rapid and sustained economic growth.
C) no sustained economic growth. D) slow and steady economic growth.
C
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Inmates at the federal penitentiary at Lompoc, California, accepted packages of mackerel in exchange for goods and services. What function do these packages of mackerel perform?
A) They function as a store of value. B) They function as a medium of exchange. C) They function as a unit of account. D) They function as a factor of production.
If a good is rationed, we can assume that
a. quantity supplied is greater than quantity demanded b. the price of the good is above its equilibrium level c. a price floor has been imposed on the market d. an excess supply of goods exists e. quantity supplied is less than quantity demanded