The primary functions of money are:
A. velocity, liquidity, and transactions.
B. speculative demand, measure of value, and precautionary demand.
C. a medium of exchange, a unit of account, and a store of value.
D. a store of value, heterogeneity, and a medium of exchange.
Answer: C
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Refer to the figure above. If the government fixes a minimum wage rate at $15, the unemployment in the market will be:
A) 20 units of labor B) 0 units of labor C) 10 units of labor D) 30 units of labor
The economic recovery program begun by the Roosevelt Administration to end the Great Depression was known as the _____________________.
Fill in the blank(s) with the appropriate word(s).
Insurance premiums represent:
A. more than the expected value of the payout the company will give to individuals who are insured. B. peace of mind and are unrelated to the expected value of the payout the company will give to individuals who are insured. C. the expected value of the payout the company will give to individuals who are insured. D. less than the expected value of the payout the company will give to individuals who are insured.
Aggregate supply:
A. has a curve explained by rising costs. B. is generally a upward-sloping curve. C. shows the relationship between the price level and the quantity of total output demanded, ceteris paribus. D. All of the above are true