Money's primary role in the economy comes from the benefits of lowering transactions costs and allowing specialization. This function of money is called
A. standard of deferred payment.
B. unit of account.
C. store of value.
D. medium of exchange.
Answer: D
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An economy with an expansionary gap will, in the absence of stabilization policy, eventually experience a(n) ________ in the inflation rate, leading to a(n) ________ in output.
A. decrease; increase B. increase; increase C. decrease; decrease D. increase; decrease
Money that we have today can be set aside to purchase things in the future. This function of money is known as
A) medium of exchange. B) unit of accounting. C) store of value. D) standard of deferred payment.
One major tax loophole intended to help state & local governments raise funds is:
a. fiscal federalism b. tax exempt municipal bond interest c. tax deductible mortgage interest d. tax credits for solar panels
In economics we say the amount of land is
A. fixed. B. variable. C. both fixed and variable. D. neither fixed nor variable.