Money is used as a unit of account. This means
a. money cannot store value for use in the future.
b. money is used to measure the exchange value and costs of goods, services, assets and resources.
c. money has little or no intrinsic value.
d. money is dependent on the quantity of gold held by the Federal Reserve.
B
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The least liquid asset on this list is
A) money. B) bonds. C) houses. D) stocks.
Marginal utility (MU) equals:
a. P/Q. b. Q/TU. c. PQ/TU. d. TU/P. e. TU/Q.
Robbery reduces economic efficiency by
a. creating voluntary exchanges b. decreasing government spending c. increasing unemployment d. creating involuntary exchanges e. lowering the number of potential Pareto improvements
How is the dividing line between poverty and nonpoverty measured? Does this method overstate the degree of poverty?