When money is accepted as payment in a market transaction, it is functioning as a
A. unit of accounting.
B. unit of investment.
C. store of value.
D. medium of exchange.
Answer: D
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Comment on the following statement: "Elasticity is constant along a straight-line demand curve"
What will be an ideal response?
This __________ declared that price discrimination is illegal especially when it decreases competition
a. Robinson-Patman Act b. Sherman Antitrust Act of 1890. c. Merger Act d. Federal Trade Commission Act.
Are there ever exceptions to the law of demand?
The value-added approach of calculating GDP:
A. is especially useful when thinking about services involved in the resale of existing goods. B. lets us break down the total value paid and see how much of it was created at each step of the production process. C. is an alternative, and equally valid, way of avoiding the problem of double-counting. D. All of these are correct.