Patrick places his pocket change into his savings bank on his desk each evening. By his actions, Patrick indicates that he believes that money is a
A) medium of exchange.
B) unit of account.
C) store of value.
D) unit of specialization.
C
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The demand for tobacco is price inelastic. Suppose there is a drought that destroys a large portion of the tobacco crop
What will happen in the market for tobacco? Will the equilibrium price and quantity change? If so, how? What will happen to the total revenue earned by tobacco farmers?
When the policy rate hits its lower bound and inflation keeps falling, this portion of the Monetary Policy curve is
A) downward sloping. B) upward sloping. C) flat. D) undetermined.
One lesson of business: a. is tracing the consequences of a policy
b. promoting a policy change to eradicate inefficiencies. c. moving assets from lower to higher value uses, thereby creating wealth. d. None of the above
What are the three noteworthy labor market trends that Americans have experienced for about two decades?