Which of the following best illustrates the double coincidence of wants?
a. Both Tom and Jerry would like to purchase the same good
b. Tom has something he's willing to trade with Jerry; Jerry has something he's not willing to trade with Tom.
c. Tom and Jerry have very similar tastes; hence, Tom's wants coincide with Jerry's.
d. Tom has something he's willing to trade with Jerry, who wants it; Jerry has something he's willing to trade with Tom, who wants it.
e. Tom has something Jerry wants; Jerry has nothing Tom wants.
d
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The statement, "My iPhone is worth $300" represents money's function as
A) a standard of deferred payment. B) a unit of account. C) a store of value. D) a medium of exchange.
The money-creation multiplier is affected by the
A) public's demand for currency as a proportion of demand deposits. B) bank reserve-holding ratio as a proportion of demand deposits. C) rediscount rate applied to loans from the Fed to banks. D) Both A and B are correct.
The principal-agent problem refers to the problem of:
A. Communication between sports and entertainment stars with their agents B. How to split profits between labor and management C. The interests of delegates deviating from the interests of the delegators D. How stockholders of a corporation can elect a board of directors
Full employment means that
A) everyone who wants a job has a job, although it may not be the job they really want. B) everyone who wants a job has a job, and they have the job they most prefer. C) taking seasonal fluctuations into account, only frictional and structural unemployment exist. D) the sum of structural and cyclical unemployment is greater than frictional unemployment.