What is money’s primary function?
a. to act as a medium of exchange
b. to be a store of value
c. to allow for deferred payments
d. to act as a unit of account
a. to act as a medium of exchange
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An investment in yourself is an investment in what economists call human capital
a. True b. False Indicate whether the statement is true or false
the Federal Reserve System
What will be an ideal response?
If the price level is 100 in one year and rises to 102 the next year, then the inflation rate is
A) 0.02 percent. B) 100 percent. C) 102 percent. D) 2.0 percent. E) unable to be determined without knowing potential GDP.
A payment that is made by the government for which no goods or services are given in return is known as
A) a public good. B) a transfer payment. C) a negative externality. D) a free rider.