What are the two features of money that distinguish it from all other goods in the economy?
A) Money is government issued and it is redeemable for gold or silver.
B) Money is accepted as a medium of exchange and it is the common unit of account used to express prices.
C) Money is part of every barter transaction and it is divisible.
D) Money is a common unit of account and it is also can be traded for other currencies at a guaranteed exchange rate.
B
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A positive externality clearly occurs when
A) a person behaves in the public interest. B) a person's action unintentionally benefits other people. C) a person behaves only with courtesy and social grace. D) a person couldn't care less about anybody else.
Without technological advancement, how can a nation achieve economic growth?
A) by producing more high-value goods and fewer low-value goods B) by producing more low-value goods and fewer high-value goods C) through an increase in supplies of factors of production D) by decreasing the size of the labor force
In the legal sector, some practice areas have declined in recent years
For example, personal-injury and medical-malpractice cases have been undercut by state laws limiting class-action suits, out-of-state plaintiffs, and payouts on damages, and securities class-action litigation has declined in part because of a buoyant stock market. How does this affect the market for lawyers? A) The quantity of lawyers demanded decreases and this is represented by a movement along the demand curve. B) The supply of lawyers shifts to the left. C) The demand for lawyers shifts to the left. D) Both the demand and supply curves decrease.
Mike has been unemployed for over a year. He hasn't looked for a job in the last three months, but he's just started looking for work again. Because Mike started looking for a new job
A) the unemployment rate decreased. B) the working-age population increased. C) the unemployment rate increased. D) the labor force participation rate decreased.