Money serves as a store of value when:
A. there is direct trade of goods and services.
B. it is a basic measure of economic value.
C. it is a means of holding wealth.
D. it is used to purchase goods and services.
Answer: C
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In the United States the system most generally used for assigning tasks and distributing benefits
A) employs continuing bids and offers among individuals. B) operates without the use of money prices. C) presupposes shifting and uncertain property rights or "rules of the game." D) takes the place of the supply-and-demand process. E) was designed by the authors of the Federal Constitution.
Mechanisms that manufacturers can use to deal with misaligned retailer incentives include
a. setting a minimum retail price b. providing an exclusive contract to a single retailed in a market c. compensating retailers' sales staff for demonstrating, as well as selling, the product d. All of the above
One prominent debate over macroeconomic policy centers on the question of whether monetary and fiscal policy should be used to try to stabilize the economy
a. True b. False Indicate whether the statement is true or false
If potential GDP is equal to $600 billion, what does the long-run aggregate supply curve look like?
A) It is a horizontal line at $600 billion of GDP. B) It is a vertical line at a level of GDP below $600 billion. C) It is a vertical line at $600 billion of GDP. D) It is a vertical line at a level of GDP above $600 billion.