Economists typically define money as:
A. anything in which its value can be inflated.
B. a means of payment that lacks intrinsic value.
C. currency that is issued by a central bank.
D. a widely accepted means of payment.
Ans: D. a widely accepted means of payment.
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Which of the following statements is true?
a. A political business cycle is one created by the incentive for politicians to manipulate the economy to get re-elected. b. Adaptive expectations theory argues that the best indicator of the future is recent information. c. Incomes policies tend to be ineffective over time. d. Incomes policies include jawboning, wage-price guidelines, and wage-price controls. e. All of these.
During the last three decades, the real (adjusted for inflation) expenditures
a. on Medicare have grown rapidly, but the real expenditures on Medicaid have been virtually constant. b. on the Medicare program have been virtually constant but the real expenditures on Medicaid have increased substantially. c. on both Medicare and Medicaid have increased substantially. d. on both Medicare and Medicaid have been virtually constant.