One major advantage of money serving as a medium of exchange is that it allows society to
A. use credit cards instead of currency.
B. measure the relative worth of products.
C. escape the complications of barter.
D. transfer purchasing power from the present to the future.
Answer: C
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Based on the figure above, in which quarter or quarters did an expansion occur?
A) in 2014, 2nd quarter B) in 2013, 2nd quarter C) between 2013, 2nd quarter to 2014, 2nd quarter D) between 2012, 2nd quarter to 2013, 2nd quarter and also between 2014, 2nd quarter to the end of the figure E) There are no expansions illustrated in the figure.
Suppose when Nablom's Bakery raised the price of its breads by 10 percent, the quantity demanded fell by 15 percent. What was the effect on sales revenue?
A) Sales revenue increased. B) Sales revenue decreased. C) Sales revenue remained unchanged. D) It cannot be determined without information on prices.
Demand is said to be __________ when the quantity demanded changes at the same proportion as the price.
a. elastic b. unit elastic c. inelastic d. independent
What is the essence of the problem with targeting with fiscal policy?
A. In order to meet interest rate targets, fiscal policy must be enacted very quickly. B. It is difficult for the government to determine the target unemployment rate. C. Economic data takes time to analyze, so the government may not know when the economy has reached its target. D. The government may not have projects ready that will employ the people who are unemployed.