One major advantage of the medium of exchange function of money is that it allows society to:
A. use credit cards instead of currency.
B. measure the relative worth of products.
C. escape the complications of barter.
D. transfer purchasing power from the present to the future.
Answer: C
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Liabilities of the commercial banking system include
A. reserves and loans. B. reserves and deposits. C. loans and deposits. D. deposits.
The owner of a produce store found that when the price of a head of lettuce was raised from 50 cents to $1, the quantity sold per hour fell from 18 to 8. The arc elasticity of demand for lettuce is
A) -0.56. B) -1.15. C) -0.8. D) -1.57.
If city officials expect that an increase in bus fares will raise mass transit revenues, they must think that the demand for bus travel is
a. elastic b. unit elastic c. inelastic d. perfectly inelastic e. -10
Between 1968 and 2008 the poorest 60% of the population experienced a _______ in its percentage share of the nation's wealth.
A. substantial decrease B. small decrease C. small increase D. substantial increase