We say that money is a unit of account because it represents:
A. a certain amount of purchasing power held over time.
B. something you can use to purchase goods and services.
C. something you can directly offer, like any good or service, in exchange for some good or service you want.
D. a standard unit of comparison.
D. a standard unit of comparison.
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Milk is considered a commodity because it is which of the following?
(A) The same product regardless of who sells it. (B) An agricultural product. (C) An inexpensive product. (D) A product that can be bought in many different ways.
You are a hotel manager and you are considering four projects that yield different payoffs, depending upon whether there is an economic boom or a recession. The potential payoffs and corresponding payoffs are summarized in the following table.ProjectBoom (50%)Recession (50%)A$20-$10B-$10$20C$30-$30D$50$50The variance in the returns of project C is:
A. 0. B. 225. C. 900. D. 1,600.
Refer to Table 10.2. The marginal product of the fifth unit of labor is:
A. 50. B. 40. C. 30. D. 20.
When a government increases an effective price ceiling for a product
A. the surplus in the market will be reduced. B. the shortage in the market will be reduced. C. the shortage in the market will be increased. D. the surplus in the market will increase.