Checks and currency function similarly, however:
A. currency is a more effective means of payment.
B. checks are not included in measures of money, whereas currency is.
C. currency is a better store of value than checking deposits.
D. carrying currency entails greater risk, because it cannot be replaced if lost or stolen.
Answer: D
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In 1996, if nominal GDP was about $8.5 thousand billion. The stock of money was
A. about the same as this. B. much less than this. C. much more than this. D. unrelated to this number.
Economies of scale will lead to only one firm in the industry because
A) by increasing output a firm is able to lower the cost per unit and charge lower prices driving smaller firms out of business. B) one firm has an average cost curve, which has shifted below the average cost curves of its competitors. C) there are governmental entry restrictions. D) of government licensing.
If the price of labor increases, the typical perfectly competitive firm in the short run will
A) produce more output. B) hire less labor. C) hire the same labor and produce the same output. D) hire more labor.
The major difference between government and governance is that governance is
A. institutional only. B. institutional and networked. C. institutional and global. D. networked and privatized.