Economists define money as
A) cash in circulation.
B) deposits in commercial banks.
C) anything that people are willing to accept in payment for goods and services or to pay off debts.
D) bonds issued by large corporations.
C
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If the realized real interest rate in an economy is 6%, the nominal interest rate is 8%, and the expected inflation rate is 8%, then the realized inflation rate in the economy is:
A) 2%. B) 4%. C) 8%. D) 6%.
Which of the following does the law of demand specifically imply?
a. If the product price increases, quantity demanded will decrease. b. If consumer income increases, quantity demanded will increase. c. If the product price increases, quantity demanded will increase. d. If consumer income increases, quantity demanded will decrease. e. If supply increases, demand will increase.