Which of the following functions of money enables society to gain the benefits of geographic and labor specialization?
A. store of value
B. unit of account
C. medium of deferred payment
D. medium of exchange
Answer: D
You might also like to view...
The marginal benefit of the first hotdog consumed is ________ the marginal benefit of the fifth hotdog consumed
A) equal to B) less than C) greater than D) the inverse of E) equal to 5 times
Which of the following is the best example of "what goods and services should be produced?"
A) the use of a capital intensive versus a labor intensive process of manufacturing textiles B) the production of SUVs versus the production of sub-compact cars C) the manufacturing of computer workstations in China or in India D) the leasing versus the purchasing of new capital equipment
A heuristic is a:
A. positive-framing method. B. mental shortcut that helps us make decisions. C. method to increase the price of your vices. D. formal policy used by firms to drive employee behavior.
What particular characteristic do private goods and club goods have in common?