A medium of exchange is
A. the only job of money.
B. the least important job of money.
C. the most important job of money.
C. the most important job of money.
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If the population is 300 million, with 70 million under the age of 16 and institutionalized, another 70 million not in the labor force, 10 million unemployed and 150 million employed, the unemployment rate is
A) 23.3 percent. B) 6.7 percent. C) 6.25 percent. D) 26.7 percent.
What is the underground economy?
(A) Costs of such things as personal safety, vacations, and sick pay. (B) The goods and services people make or do themselves. (C) The amount spent for environmental cleanup and similar products. (D) Products and income that are not reported as income to the government.
Overproduction results in
A) external costs. B) external benefits. C) deadweight loss. D) super-efficiency. E) the marginal benefit of the last unit produced being larger than the marginal cost.
Statistical correlation always implies causation.
Answer the following statement true (T) or false (F)