The functions of money are to serve as a
A. resource allocator, a method for accounting, and a means of income distribution.
B. determinant of consumption, investment, and government spending.
C. unit of account, a store of value, and a medium of exchange.
D. factor of production, exchange, and aggregate supply.
Answer: C
You might also like to view...
A person will choose to work another hour if the benefit of another hour of work is:
A. greater than the opportunity cost. B. exactly equal to the opportunity cost. C. less than the opportunity cost. D. exactly equal to the average total cost to the firm.
When a firm experiences diseconomies of scale,
a. short-run average total cost is minimized. b. long-run average total cost is minimized. c. long-run average total cost increases as output increases. d. long-run average total cost decreases as output increases.
Which of the following is an example of a positive supply shock?
a. an unexpected labor strike b. a major widespread forest fire c. an unexpected price cut in imported oil d. a decrease in the overall price level
The long-run equilibrium for a firm in an information product industry exists at a point at which
A) marginal cost equals marginal revenue. B) the demand curve crosses the marginal cost curve. C) the demand curve is tangent to the average total cost curve. D) average total cost is minimized.