The functions of money are
A) a conductor of economic activity, a medium of exchange, and a store of value.
B) a medium of exchange, a store of value, and a factor of production.
C) a store of value, a medium of exchange, and a determinant of investment.
D) a store of value, a unit of account, and a medium of exchange.
Ans: D) a store of value, a unit of account, and a medium of exchange.
You might also like to view...
The substitution effect of a wage increase is observed when
A) leisure's higher opportunity cost causes workers to take more leisure and work less. B) leisure's higher opportunity cost causes workers to take less leisure and work more. C) the higher wage income causes workers to take more leisure and work more. D) the higher wage income causes workers to take more leisure and work less.
Even today, individuals distrust the outcome of free markets, as is evidenced by the protests against the construction of Walmarts across the nation
Indicate whether the statement is true or false
Which of the following measures absolute poverty?
A. Median income B. The lower quintile of income C. The poverty line D. The poverty standard
Assume a given amount of output can be produced by several small plants or one large plant with identical minimum per-unit costs. This long-run situation reflects the existence of
A. Diminishing returns. B. Constant returns to scale. C. Economies of scale. D. Diseconomies of scale.