Money is ________ because goods and services are sold for money, then the money is used to purchase other goods and services.
a) a medium of exchange
b) a unit of account
c) a store of value
d) fiat money
Ans: a) a medium of exchange
You might also like to view...
The excess of government purchases over tax collections is:
A. national income. B. national saving. C. the government budget deficit. D. national wealth.
The assumption that wages change more slowly than prices provides an argument for the
A) aggregate demand curve having a positive slope. B) aggregate demand curve having a negative slope. C) aggregate supply having a negative slope. D) aggregate supply having a positive slope.
Laura Spears is a public school teacher. She produces a(n)
a. merit good b. transfer payment to children c. public good d. nonexcludable good e. entitlement
National defense is an example of a _____________________.
Fill in the blank(s) with the appropriate word(s).