What function is money serving when you buy a ticket to a movie?
A. A unit of account.
B. A transaction demand.
C. A medium of exchange.
D. A store of value.
Answer: C
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Hardware stores charge higher prices for snow shovels after a big snowstorm. What role do prices play in the snow shovel market?
What will be an ideal response?
Compared with the average man, the average woman pays
A) less for health insurance but more for life insurance. B) less for life insurance but more for health insurance. C) more for life and health insurance. D) less for life and health insurance.
Exchange is necessary in an economy if: a. output is to be produced
b. output is to be consumed. c. individuals are self-sufficient. d. families are self-sufficient. e. labor is specialized.
Cash held by a bank is sometimes called:
A. vault cash. B. fractional reserves. C. token money. D. legal tender.