The "medium of exchange" function of money means it is the:
a. The unit in terms of which people write contracts.
b. Barter value of a product for which a nation has a comparative advantage.
c. Unit in terms of which everything is valued and the basis for establishing relative prices between goods and services.
d. Asset individuals get for goods and services and then use later to purchase other goods and services.
e. Asset people can use to accumulate wealth.
.D
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Refer to the above figure. At an income of $10,000, saving is
A) 0. B) $13,000. C) $3,000. D) -$3,000.
The ______ the opportunity cost of doing something, the ______ likely it will be done
What will be an ideal response?
Betty and Wilma are the only two cashiers employed at a retail store. Each of them works the same 40 hours per week. By manually entering the price of each product purchased into the cash register, Betty can check out 20 customers and Wilma can check out 30 customers per hour. The store owner replaces the old cash registers with new ones that automatically scan product prices into the register. With the new cash registers, Betty and Wilma can each check out 60 customers per hour. Their average labor productivity as a team before the new cash registers were introduced was ________ customers per hour and ________ customers per hour after the new machines were installed.
A. 50; 60 B. 25; 60 C. 1,000; 2,400 D. 50; 120
Since the 1930s, third-party payments for health care have
A. declined from about 70 to 30 percent of total payments. B. risen from about 30 to 50 percent of total payments. C. declined from about 95 to 10 percent of total payments. D. risen from about 5 to 90 percent of total payments.