If you use a check to purchase a textbook, the check is
a. the unit of value
b. the means of payment
c. the means of payment and the unit of value
d. outside the monetary system
e. worth less than an equivalent amount of currency
B
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In 1970 the CPI was 39, and in 2000 it was 172. A local phone call cost $0.10 in 1970. What is the price of this phone call in 2000 dollars?
A) $1.42 B) $0.39 C) $1.72 D) $0.44 E) $0.23
What adjusts to restore general equilibrium after a shock to the economy?
A) The LM curve B) The IS curve C) The FE line D) The labor supply curve
A temporary increase in income today leads to
A) a small increase in current consumption. B) a large increase in current consumption. C) a small decrease in future consumption. D) a large decrease in future consumption.
Which one of the following statements is true?
a. Discount rates should always be set to zero to maximize efficiency b. Discount rates should be constant over time c. The use of discount rates will always maximize future benefits d. The use of discount rates becomes more problematic as longer time periods are considered e. High discount rates promote resource conservation