A car dealer sells you a car today in exchange for money in the future. This illustrates which function of money?
A) standard of deferred payment B) unit of account
C) medium of exchange D) store of value
A
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The approach to GDP that sums compensation of employees, rental income, corporate profits, net interest, proprietors' income, depreciation, and indirect taxes and subtracts subsidies is the
A) opportunity cost approach. B) expenditure approach. C) added cost approach. D) income approach.
Which of the following often involves positive external benefits?
A) water pollution B) drunken driving C) inoculation programs D) tobacco smoking
According to the law of diminishing marginal returns, as more of a variable input is combined with fixed amounts of other resources:
a. the additions to output will eventually decrease. b. the additions to output cannot increase. c. total output will eventually decrease. d. the additions to output will eventually turn negative.
Public goods are characterized by
A. nonrivalness. B. excludability. C. the sum of the MRSs equaling MRT. D. all of these answer options are correct.