A medium of exchange is
A) anything that is generally accepted in exchange for goods and services.
B) a common measurement in which relative values are expressed.
C) an item's ability to hold value over time.
D) the exchange of goods and services for other goods and services.
E) both a and d
A
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The price elasticity of demand for a good tends
A) not to vary over time because people adjust to changed circumstances. B) to be greater over the long run than over a short period of time. C) to be less over the long run than over a short period of time. D) to rise when the demand increases. E) toward unity in the long run.
The price for labor is the wage rate. What happens to the demand for labor if wages increase?
a. It increases. b. It decreases. c. It does not change. d. Uncertain-economic theory has no answer to this question.
There is no long-run trade-off between inflation and unemployment.
Answer the following statement true (T) or false (F)
Other things equal, patents:
A. decrease the expected rate of return on an R&D expenditure. B. increase the expected rate of return on an R&D expenditure. C. increase the interest-rate cost of funds used to finance an R&D expenditure. D. decrease the interest-rate cost of funds used to finance an R&D expenditure.