Money serves as a standard of value, which is another way of saying that money functions as
A. a unit of accounting.
B. standard of deferred payment.
C. a medium of exchange.
D. an opportunity cost of investment.
Answer: A
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Over the long run and across countries, there is evidence of ________ between the growth rate of the money supply and the inflation rate
A) no relationship B) a weak link C) a strong link D) a negative relationship
Kelly is an attorney and also an excellent typist. She can type 120 words per minute, but she is pressed for time because she has all the legal work she can handle at $75 per hour. Kelly's friend Todd works as a waiter and would like some typing work (provided that he can make at least his wage as a waiter, which is $25 per hour). Todd can only type 60 words per minute. a. Kelly should do all
the typing because she is faster. b. Todd should do the typing as long as his earnings are more than $25 and less than $37.50 per hour. c. Unless Todd can match Kelly's typing speed, he should remain a waiter. d. Todd should do the typing, and Kelly should pay him $20 per hour.
Explain the difference between macroeconomics and microeconomics. Give examples of each.
What will be an ideal response?
During times of recession, the labor force participation rate typically:
A. rises, as more incomes per household are needed to make ends meet. B. falls, as more people cannot find work, they stay in jobs that aren't a good fit. C. falls, as more people give up and stop looking for work. D. rises, as more people need work.