Which of the following statements does NOT describe a function of money?
A. a standard of deferred payment
B. a unit of accounting
C. a hedge against inflation
D. a store of value
Answer: C
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One of the requirements for a monopoly is that
A) products are high priced. B) there are several close substitutes for the product. C) there is a product with no close substitutes. D) the product cannot be produced by small firms. E) there is no barrier to entry.
Discuss the differences between Absolute PPP and Relative PPP
What will be an ideal response?
Bob invests $75 in an investment that has a 50% chance of being worth $100 and a 50% chance of being worth $0. From this information we can conclude that Bob is
A) risk preferring. B) risk neutral. C) risk averse. D) irrational.
What best describes the US experience with banking from 1785 until the Civil War?
a. There was a national bank for the entire time period. b. The first two national banks were largely foreign owned. c. Only gold was used to back currency. d. Only national banks could print notes.