Commodity money includes such things as paper currency and travelers checks that have no commodity value in and of themselves, but which can be used to purchase commodities

If real GDP exceeded potential real GDP and inflation was increasing, which of the following would be an appropriate fiscal policy?

A) an increase in oil prices B) an increase in taxes C) an increase in government spending D) a decrease in the money supply and an increase in the interest rate

Who among the following is considered to be in the labor force?

A) retirees B) full-time students C) discouraged workers D) unemployed workers