Money functions as
A. a medium of exchange.
B. an unit of account.
C. a store of value.
D. all of these.
Answer: D
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Net capital inflows equal:
A. domestic production. B. capital outflows minus capital inflows. C. international production. D. capital inflows minus capital outflows.
The tendency for private saving to increase in response to growing government deficits is known as the
A) crowding out effect. B) money illusion effect. C) Keynes effect. D) Ricardo-Barro effect.
Under the kinked demand curve model, a small increase in marginal cost will lead to
A) an increase in output level and a decrease in price. B) a decrease in output level and an increase in price. C) a decrease in output level and no change in price. D) neither a change in output level nor a change in price.
Who argued that the economy should be left to itself to close a recessionary gap?
a. John F. Kennedy b. John Maynard Keynes c. Mercantilists d. Classical economists e. Socialists