Of money's three functions, the one that distinguishes money from other assets is its function as a
A) store of value.
B) unit of account.
C) standard of deferred payment.
D) medium of exchange.
D
You might also like to view...
To achieve gains from trade, a country
A) needs to have an absolute advantage in the production of all goods. B) specializes in the producing a good in which it has a lower opportunity cost. C) must produce at a point beyond its PPF. D) needs to have an absolute advantage in the production of at least one good. E) should produce at the midpoint of its PPF.
If the price elasticity is between 0 and 1, demand is
A) elastic. B) inelastic. C) unit elastic. D) perfectly elastic.
A financial crisis is
A) not possible in the modern financial environment. B) a major disruption in the financial markets. C) a feature of developing economies only. D) typically followed by an economic boom.
The output gap can best be described as:
A) the percentage difference between GDP and its potential B) the difference between GDP in the current year compared to the previous year C) the difference between a nation's GDP and that of the nation with the highest GDP D) the difference between GDP and its forecasted level