Which of the following is NOT among the primary functions of money?
A) store of value
B) indicator of supply
C) an object that is generally accepted in return for goods and services
D) unit of account
E) medium of exchange
B
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What does it mean if an industry has external diseconomies?
What will be an ideal response?
If the price level falls by 5%, then all else being equal, the long-run aggregate supply curve will:
What will be an ideal response?
Suppose that Microsoft and Google compete in the market for PC Internet browsers. Initially these firms compete as Cournot duopolies with symmetric reaction functions. If Microsoft enters into exclusive contracts with PC suppliers that preclude suppliers from loading Google's Internet browser on PCs loaded with the Windows operating system, then Google's marginal cost of distributing its browser will increase to $5 per unit.The new equilibrium would entail Microsoft supplying ________ browsers and Google supplying ________ browsers to the market. The end result is ________ profits for Google.
A. fewer; more; higher B. more; more; lower C. fewer; fewer; higher D. more; fewer; lower
The lending ability of commercial banks increases when the:
A. Reserve ratio is raised B. Treasury collects tax revenues C. Fed sells securities in the open market D. Fed buys securities in the open market