Two major virtues of the market system are that it:
A. allocates resources efficiently and allows economic freedom.
B. results in an equitable personal distribution of income and always maintains full
employment.
C. results in price level stability and a fair personal distribution of income.
D. eliminates discrimination and minimizes environmental pollution.
Answer: A
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The Second Bank of the United States
A) was disbanded in 1811 when its charter was not renewed. B) had its charter renewal vetoed in 1832. C) is considered to be the primary cause of the bank panic of 1907. D) None of the above.
The unit of value function of money refers to how we think about and record a transaction, whereas the means of payment function refers to how we actually pay for the items
a. True b. False