The transactions demand for money is related to money functioning as a
A. medium of deferred payment.
B. unit of accounting.
C. medium of exchange.
D. store of value.
Answer: C
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The manufacturing unit of a local LED bulb producing company reports a daily output of 450 bulbs with 50 units of labor. When the 51st worker is hired, production increases to 475 bulbs, and when the 52nd worker is hired, production increases to 490 bulbs. This is an example of: a. a deadweight loss
b. decreasing returns to scale. c. diminishing marginal returns. d. a decrease in labor demand.
Market _____ occurs when the market does not produce the optimal quantity of output.
Fill in the blank(s) with the appropriate word(s).
Recall the Application about the link between happiness and GDP to answer the following question(s). Comparing changes in happiness to changes in per capita income over the last 30 years, economists at Dartmouth College and Warwick University have measured levels of happiness in the United States and United Kingdom based on income levels, ethnicity, age, and gender.According to the Application:
A. reported levels of happiness in the United States have increased over the past 30 years. B. stable marriages account for no more happiness than marriages ending in divorce. C. retired people report higher levels of happiness than people below the age of 40. D. money does appear to buy happiness, ceteris paribus.
In the United States, where do depository institutions hold their reserves?
A. in accounts with the U.S. Department of the Treasury B. either as vault cash or on reserve with Federal Reserve district banks C. in their own vaults in the form of precious metals such as gold and silver D. All reserves must be held at a Federal Reserve district bank.