Recall the Application about Bitcoin and other cryptocurrencies to answer the following question(s). According to the Application, which of the following functions of money does Bitcoin perform?
A. medium of exchange only
B. store of value only
C. unit of account only
D. Bitcoin performs all functions of money.
Answer: A
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When the government's outlays equal its tax revenue, then the budget
A) is in deficit. B) is in surplus. C) is balanced. D) could be either in surplus or deficit. E) is legal only because expenditures equal tax revenues.
In a perfectly competitive market, which of the following will increase the economic profit the firms make in the short run?
A) a decrease in market demand B) an increase in market demand C) an increase in labor costs D) an increase in the number of firms
The manager of Steel Works learns of a new technological interdependency between the intermediate stage and the final stage of production. If Steel Works currently contracts with another firm for the intermediate stage of production, which of the following is true?
A) The manager has less of an incentive to integrate backward. B) The manager has more of an incentive to integrate backward. C) The manager has more of an incentive to integrate forward. D) The manager has less of an incentive to integrate forward.
At the end of 2014, the net national debt per person in the United States was approximately
a. $14 trillion. b. $142 billion. c. $56,000. d. $86,000.