Money's most narrow definition is based on its function as a
A) store of value.
B) standard of barter.
C) unit of account.
D) medium of exchange.
E) standard of deferred payment.
D
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Which of the following statements is TRUE about contestable markets?
A) There are significant barriers to entry. B) Firms earn large economic profits. C) Each firm faces a perfectly elastic demand. D) There are few firms in the industry.
Refer to the table above. If each country were to reduce production of its comparative disadvantage good by 1 unit, world output of wine would rise by
A) 1.5 units. B) 2 units. C) 3 units. D) 3.5 units.
Students can change the direction of the greater society through volunteering and other forms of involvement. They are also subject to the greater economy and environment. In the 1990s, college students, for the most part:
a. Enjoyed a strong economy with multiple job choices and a technology explosion. b. Flooded into social work and helping others professions c. Questioned authority and dealt with years of unrest and change d. Conformed and were very conservative, held traditional values
The smaller the marginal propensity to save, other things constant, _____
a. the smaller the marginal propensity to consume b. the larger the multiplier c. the smaller the multiplier d. the flatter the consumption function e. the steeper the saving function