Chapter 16,17,18,19 (edited)

relative exchange rates

absolute advantages

relative levels of gross domestic product (GDP)

relative inflation rates

comparative advantage

-1 and 1

1 and 10

0 and 1

1 and 100

-10 and 10

1975

1776

1863

1913

1945

have a value expressed in the same currency, then allowing comparison

align in a double coincidence of wants

have a value expressed in terms of both a commodity money and a commodity-backed money

have a value that remains constant over time

are no longer used to back currency

consumption increases when government spending increases

supply-side fiscal policy does not increase total output

private spending falls in response to increases in government spending

increases in government spending and decreases in taxes are offset by increases in savings

time lags crowd out the effects of fiscal policy

government increases spending or increases taxes to slow economic expansion

government decreases spending or decreases taxes to slow economic expansion

government increases spending or decreases taxes to stimulate the economy

government decreases spending or increases taxes to slow economic expansion

Federal Reserve decreases money supply to stimulate the economy

net exports are positive always for this nation

the value of its exports exceeds the value of its imports

the difference between exports and imports for this nation is greater than zero

the value of its exports is equal to the value of its imports

the sum of its exports and imports is zero

discourage banks from lending money to borrowers

increase the discount rate

conduct an open market sale of U.S. Treasury securities

increase the reserve ratio

conduct an open market purchase of U.S. Treasury securities

eliminating the certain tax deductions for households

raising the federal minimum wage

means-testing Social Security benefits

reducing Medicare benefits

reducing taxes on corporations

an actual good use as money

a commonly accepted medium of exchange

money that can be exchanged for a commodity at a fixed rate

the use of a good or service as money

the use of precious metals for money