One of moneys primary roles in the economy comes from the use of money to transfer purchasing power to the future. This role of money is called
A. unit of account.
B. standard of deferred payment.
C. store of value.
D. medium of exchange.
Answer: C
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Explain why the short-run supply curve is not vertical, but the long-run aggregate supply curve is vertical
As baby-boomers reach retirement age and draw on Social Security and Medicare,
a. the Social Security Trust Fund will switch from running a deficit to a surplus. b. unfunded promises included in the federal budget will decrease. c. expenditures on these programs will increase the size of the federal debt. d. the federal debt as a share of GDP will decrease.
Suppose Bianca buys a used a textbook from Sebastian for $55. If Bianca's surplus from this transaction was $10, we can infer that:
A. Bianca's reservation price was $45. B. Sebastian's reservation price was $45. C. Bianca's reservation price was $60, and Sebastian's reservation price was $50. D. Bianca's reservation price was $65.
Bilateral monopoly occurs where:
A. a monopsonistic employer bargains with an inclusive union. B. a monopsonistic employer bargains with an exclusive union. C. a craft union bargains with a purely competitive employer. D. an industrial union bargains with a purely competitive employer.