When economists refer to the role of money as a standard of deferred payment, they mean that
A) payments by checks are usually deferred until the checks clear the bank.
B) money earns interest while loan payments are deferred.
C) money provides a standard for payments that will occur in the future.
D) money today is worth less than money tomorrow.
C
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Nominal GDP is measured by calculating real GDP at constant prices
Indicate whether the statement is true or false
A stock market crash which causes stock prices to fall should cause
A) an increase in wealth. B) an increase in consumption spending. C) no change in consumption spending. D) a decrease in consumption spending.
A primary source of revenue for the federal government is the sales tax
Indicate whether the statement is true or false
Economists refer a to a market where buying and selling take place at prices that violate government price regulations as
A) a black market. B) an outlaw market. C) a noncompetitive market. D) a restricted market.