If someone buries money in a tin can beneath a tree, the money is functioning as a
A) medium of exchange.
B) unit of account.
C) means of payment.
D) store of value.
E) bartering tool.
D
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The population in the current year is 31.5 million and the real GDP is $814 million. The previous year's statistics were a population of 31 million and a real GDP of $800 million
The change in the standard of living, measured by growth in real GDP per person, is A) 0 percent. B) 0.13 percent. C) 1.6 percent. D) 6 percent. E) 7.75 percent.
When there is a surplus in the market, the quantity sold is
A) equal to the quantity supplied. B) equal to the quantity demanded. C) less than the quantity demanded. D) greater than the quantity bought.
A flat IS curve implies that
A) an increase in money supply will change output by a relatively small amount. B) a decrease in taxes will change output by a relatively large amount. C) changes in money supply will have large multiplier effects on output. D) A and B.
Differentiate between consumer’s surplus and producer’s surplus. For a rational consumer, consumer’s surplus will never be a negative number. Why?
What will be an ideal response?