The fact that you can use money to compare the value of one good to another is a result of which characteristic?
A. The fact that it is a store of value.
B. The fact that it is a measure of value.
C. Its use as a medium of exchange.
D. The fact that it is backed by gold.
Answer: B
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In a market open to international trade, at the world price the quantity demanded is 150 and quantity supplied is 200. This country will
A) export 50 units. B) import 50 units. C) export 200 units. D) import 150 units.
Explain the forecast error, ut+1, in terms of: (1 ) Its equation (what it is equal to) (2 ) How it is used (3 ) Its accuracy
What will be an ideal response?
Time is primarily a __________ that can be measured in units
a. Value b. Goal c. Resource d. Decision device
Money's basic advantage as compared to barter is that
A) everybody has money but not everyone has the opportunity to barter. B) a money system relies on a double coincidence of wants. C) money reduces transaction costs. D) money is the only medium you can use to store your wealth.