When money is used as a means to hold wealth, it serves as a:
A. double coincidence of wants.
B. store of value.
C. unit of account.
D. medium of exchange.
Answer: B
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Of the following, the largest source of revenue for the federal government is the
A) personal income tax. B) transfers from state and local governments. C) corporation income tax. D) lottery. E) revenue from the sale of public lands.
What is the relationship between money growth and inflation across countries? Does your answer support the quantity theory of money?
What will be an ideal response?
Although the efficient quantity to produce of any good is located where marginal social benefit and marginal social cost are equal, there will usually be other quantities where the sum of consumer and producer surplus are greater
Indicate whether the statement is true or false
Suppose that everyone prefers to live in a society without poverty. Further suppose that some private charities are successful in reducing poverty. People who do not contribute to the charities
a. receive no external benefit from private antipoverty programs. b. decrease the reliance of individuals on antipoverty programs. c. can free ride on the generosity of others. d. are most likely to be in favor of government-sponsored programs.