If a virtual currency satisfies all the functions of money, then its classification as part of a nation's "official" money supply should depend on whether it:
a. Is of sufficient size to materially influence spending.
b. Significantly changes a nation's current, official monetary base.
c. Significantly changes a nation's current, official M2 money multiplier.
d. All of the above are true.
.A
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A good is path dependent when
A) it can only be used in one way. B) people who move location follow the path of people who moved before them. C) consumers get utility from consuming goods that others are consuming, such as restaurants. D) the first technology that was adopted has an advantage over a better technology that came later.
If a country's income grows at the rate of 5 percent a year, it doubles in about
A) eight years. B) six and one-half years. C) ten years. D) fourteen and one-half years. E) twenty years.
The graph shown portrays a subsidy to buyers. The subsidy causes:
A. 50 more units to be sold in this market.
B. 150 more units to be sold in this market.
C. 100 fewer units to be sold in this market.
D. 50 fewer units to be sold in this market.
Behavioral economists recommend mechanisms that help people:
A. find the lowest cost for items that maximize their utility. B. stick with choices they say they want to make, but often don't. C. enact utility-maximizing decisions based on complete information. D. Behavioral economists have not developed tools that help people with any of these.