When money is held as an asset, it is serving as a:
A. unit of account.
B. standard of value.
C. medium of exchange.
D. store of wealth.
Answer: D
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Which of the following is an example of government discretionary spending?
A) defense spending B) net interest paid on government debt held by the public C) Social Security retirement payments D) Medicare benefits for the elderly
If policy makers believe that the equilibrium wage rate is too low, policy makers can raise wages by legislating a minimum wage, that is, a wage
A) ceiling above the equilibrium wage. B) ceiling below the equilibrium wage. C) floor above the equilibrium wage. D) floor below the equilibrium wage.
_____ transfer the necessary information within a firm and bind the recipients to take certain actions
a. Contracts b. Decision-makers c. Owners of information d. Orders
The minimum points of the average variable cost and average total cost curves occur where
a. the marginal cost curve lies below the average variable cost and average total cost curves b. the marginal cost curve intersects those curves c. wages are the lowest d. the slope of total cost is the smallest e. the elasticity of demand is unitary