Money functions as a store of value if it allows you to
A. make exchanges in a more efficient manner.
B. increase your confidence in money.
C. delay purchases until you want the goods.
D. measure the value of goods in a reliable way.
Answer: C
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In the long-run equilibrium of a monopolistically competitive industry
A. P = MC. B. P > minimum (ATC). C. P < MC. D. P = minimum (ATC).
The two functions that are critical to the key role that commercial banks play in stabilizing the economy are accepting deposits and making loans
Indicate whether the statement is true or false
According to the table shown, the firm's profit is:
This table shows the total costs for various levels of output for a firm operating in a perfectly competitive market.
A. maximized at 3 units of output.
B. maximized at 4 units of output.
C. maximized at 5 units of output.
D. not maximized at any level of output given.
According to the textbook, for most goods and services-foods, beverages, entertainment, etc.-the income elasticity of demand is:
A. larger in the short run than in the long run. B. larger in the long run than in the short run. C. about the same in the short run and in the long run. D. is difficult to differentiate from the short run to the long run.