You spend $20 to buy a used textbook at the college bookstore. What function does money perform here?
A) medium of exchange
B) store of value
C) unit of account
D) standard of deferred payment
Ans: A) medium of exchange
You might also like to view...
The amount single retirees receive in a monthly check if they retire at their retirement age is
A. their PIA. B. their AIME. C. constant throughout their lifetime. D. the most the retiree can receive in interest without having part of their benefit reduced.
Fill in the blank(s) with the correct words. Hint: along inside outside
a. Points ________ the production possibilities frontier are possible and efficient. b. Points ________ the production possibilities frontier are possible but not efficient. c. Points ________ the production possibilities frontier are not possible.
Your parents surprise you with a $500 check. As a result, the U.S. GDP
A. remains unchanged because it was counted when your parents earned it. B. increases because this is unexpected income to you. C. decreases because you will spend it on useless goods. D. decreases because you have to pay taxes on this income.
Building infrastructure is left to the government since ________
A) the cost of such projects would not be economical for any individual firm B) borrowing costs make such projects prohibitively expensive C) inflation tends to erode the real value of debt D) a natural monopoly would result if this activity were undertaken by an individual private firm