When a clerk gives you a pair of jeans for your $50 bill, money is serving which function?
A. Medium of exchange
B. Unit of account
C. Store of wealth
D. Store of real assets
Answer: A
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Suppose a credit union strives for a 3% real return on its loans to members, and expects a 2% inflation rate. What nominal rate of interest should it charge its members?
A) 0% B) 1% C) 3% D) 6%
If there is a permanent decrease in demand in a perfectly competitive market, then there is an initial ________ in price and existing firms ________
A) rise; make an economic profit B) rise; incur an economic loss C) fall; make an economic profit D) fall; incur an economic loss
Normative economics deals with ____ and positive economics deals with ____
a. what should be; what is b. fiction; fact c. microeconomics; macroeconomics d. negative aspects; positive aspects e. changing circumstances; same circumstances
Which of the following grew rapidly after the passage of the Medicare and Medicaid programs in the mid-1960s?
a. the share of healthcare expenditures financed directly by the consumer b. the share of healthcare expenditures financed by third parties c. the prices of healthcare relative to the prices of other goods and services d. both b and c