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Increases in output and increases in the inflation rate have been linked toA.discretionary tax policy.B.discretionary government spending.C.higher rates of interest.D.increases in the money supply.

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Before the Industrial Revolution, living standards in the worldA) were relatively stagnant for long periods of time.B) were already rising significantly for many decades.C) are not known, for lack of reliable records from that period.D) were declining because of rapid increases in population.

Suppose that a simple economy produces only the following four goods and​ services: shoes,​ hamburgers, shirts, and cotton. ​ Further, assume that all of the cotton is used in the production of shirts.Use the information in the following table to calculate Nominal Gross Domestic ProductLOADING... ​(Nominal GDP) for 2021.PRODUCTION AND PRICE STATISTICS FOR 2021ProductQuantityPriceShoes125​$65.00Hamburgers1103.00Shirts6030.00Cotton2,200

Until​ 1946, residents of the island of Yap used large​ doughnut-shaped stones as financial assets. Although prices of goods and services were not quoted in terms of the​ stones, the stones were often used in exchange for particularly large​ purchases, such as payments for livestock. To make the​ transaction, several individuals would place a large stick through a​ stone's center and carry it to its new owner. A stone was difficult for any one person to​ steal, so an owner typically would lean it against the side of his or her home as a sign to others of accumulated purchasing power that would hold value for later use in exchange. Loans would often be repaid using the stones. These stones performed the following functions of moneyLOADING...​:A.medium of​ exchange, store of​ value, and standard of deferred payment functions of money.B.unit of​ accounting, store of​ value, and standard of deferred payment functions of money.C.medium of​ exchange, unit of​ accounting, and store of value functions of money.D.medium of​ exchange, unit of​ accounting, and standard of deferred payment functions of money.

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