What are the four functions of money? Can something be considered money if it does not fulfill all four functions?
What will be an ideal response?
The four functions are medium of exchange, unit of account, store of value, and standard of deferred payment. In the long run, something will not serve as money if it does not fulfill all four functions.
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The measure of the aggregate price level that is most frequently reported in the media is the
A) GDP deflator. B) producer price index. C) consumer price index. D) household price index.
During the short run, a firm has enough time to adjust:
a. its technology. b. its fixed inputs. c. its variable inputs. d. all of its inputs-both fixed and variable.
The Celler-Kefauver Act is primarily concerned with prohibiting:
a. monopolization. b. unfair business practices. c. predatory pricing. d. anticompetitive mergers.
A composite currency whose value is the average of the values of the U.S. dollar, the Japanese yen, the euro, and the British pound is known as a:
a. special drawing right. b. productive resource. c. standard of value. d. scarce diligence resource. e. scarce delivery resource.