The means of payment function of money refers to the common unit for measuring how much something is worth
a. True
b. False
B
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Which of the following is NOT considered a function of money?
A) It facilitates exchange. B) It acts as a means of payment. C) It can be held and exchanged for future goods and services. D) It allows banks to lend out funds.
If the economy is operating at an unemployment rate above the full employment rate,
a. actual output is above potential output b. actual output is below potential output c. frictional unemployment has been eliminated d. structural unemployment has been eliminated e. actual output equals potential output
Campaign speeches normally include normative economic statements
Indicate whether the statement is true or false
Which of the following is correct?
a. Over the last 100 years Japan had a higher average growth rate than the United States. It follows that, today, the standard of living in Japan is higher than in the United States. b. The typical person in Bangladesh today has about twice the real income of a typical American 100 years ago. c. The typical citizen of China today has about one-half as much real income as the typical citizen of America today. d. None of the above is correct.