What is the "medium of exchange" function of money?
A. a common measurement of the relative value of different goods and services
B. the ability of money to hold value over time
C. the quality of money not to be hoarded because of its commodity value
D. the function of money to be widely accepted I exchange for goods and services
Answer: D
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If a firm has a tying agreement with a distributor which substantially lessens competition, then it is likely to be in violation of the:
a. Clayton Act. b. Robinson-Patman Act. c. Sherman Antitrust Act. d. Federal Trade Commission Act. e. Interstate Commerce Act.
A lower discount rate discourages banks from borrowing reserves and making loans. Therefore, if the Fed wants to expand the money supply, it raises the discount rate
a. True b. False Indicate whether the statement is true or false
We can tell how much physical capital has been added to the economy by:
A. counting the number of persons of working age. B. counting the number of persons of working age who are employed. C. adding up the value of all tools, equipment, and structures that have ever been built. D. taking into account both new investment and depreciation of capital.
Economists say that long-run economic growth is almost entirely due to:
A. rising productivity. B. population growth. C. a democratically elected government. D. a balanced budget.