When a baker exchanges a pie for dollars, this is an example of dollars serving as:
A. barter.
B. a store of value.
C. a medium of exchange.
D. a unit of account.
Answer: C
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Describe the relationship illustrated by the Laffer curve
What will be an ideal response?
Starting with an exchange rate of $1 = ¥110, and a price tag of ¥5,000 for a Japanese good, what happens to the dollar price of the good if the yen depreciates by 4 percent?
A) the dollar price of the good rises from $45.45 to $47.72 B) the dollar price of the good falls from $45.45 to $43.64 C) the dollar price of the good falls from $550,000 to $522,500 D) the dollar price of the good rises from $550,000 to $577,500 E) ?the dollar price of the good rises falls from $450 to $427.50
Wage and price stickiness
A. give rise to a vertical long-run aggregate supply curve. B. give rise to a vertical short-run aggregate supply curve. C. creates a surplus or a shortage of real GDP. D. prevents the economy from producing its potential level of real GDP.
About ____ percent of business R&D spending is for basic research
A. 1 B. 5 C. 20 D. 75