The store of value function is defined as the
A) double coincidence of wants that is used in the debate over barter versus money.
B) pricing of goods and services in one measure.
C) exchange of goods and services directly for other goods and services.
D) holding of money from one transaction to be used later in another transaction.
E) use of money as a medium of exchange.
D
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A nation's nominal gross domestic product (GDP) ________.
A. is always some amount less than C + I + G + NX B. is the dollar value of all final output produced by its citizens, regardless of where they are living C. can be found by summing C + I + S + NX D. is the dollar value of all final output produced within the borders of the nation during a specific period of time
A good is an inferior good if the consumer buys more of it when
a. his income rises. b. the price of the good falls. c. the price of a substitute good rises. d. his income falls.
There is a general overall ________ relationship between the price level and ________.
A. negative; aggregate expenditures B. negative; nominal expenditures from the government C. positive; aggregate expenditures from the government D. positive; nominal expenditures from households
If total utility increases when you consume more of a good, then marginal utility must also be increasing as consumption rises.
a. true b. false