You go to work today, but will get your paycheck at the end of the month. This is an example of money serving as a
A) store of value. B) unit of accounting.
C) standard of deferred payment. D) medium of exchange.
C
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Which of the following are factors of production?
a. The outputs generated by the production process transforming land, labor, and capital in to goods and services. b. Restricted to the land resources such as natural resources that are unimproved by human economic activity. c. Land (natural resources), labor (human capital, entrepreneurship), and capital (constructed inputs such as factories). d. Just labor and capital in industrialized countries, where natural resources are no longer used to produce goods and services.
James owns two houses. He rents one house to the Johnson family for $10,000 per year. He lives in the other house. If he were to rent the house in which he lives, he could earn $12,000 per year in rent. How much do the housing services provided by the two houses contribute to GDP?
a. $0 b. $10,000 c. $12,000 d. $22,000
In the basic Keynesian model, an increase in government purchases:
A. increases potential output. B. increases short-run equilibrium output. C. reduces short-run equilibrium output. D. reduces potential output.
Government mandating that every driver have a minimum amount of car insurance addresses the problem of:
A. moral hazard. B. illegal screening. C. adverse selection. D. statistical discrimination.