As a unit of accounting, money is used
A. to pay off future debts.
B. to define prices of all other goods.
C. to hold purchasing power over time.
D. to exchange for goods and services.
Answer: B
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The benefit of a subsidy paid on each unit sold will go entirely to the sellers in the market if
A) the supply curve is perfectly inelastic. B) if the subsidy is paid to producers. C) the demand curve is perfectly elastic. D) the supply is perfectly elastic.
When a market is corrected for externalities, it:
A. is efficient and maximizes surplus. B. is equitable and makes everyone better off. C. needs government regulation to maintain. D. All of these statements are true.
Deadweight loss is the result of:
a. disequilibrium. b. underproduction. c. overproduction. d. all of these are correct.
Demand for labor is
a. derived demand. b. highly elastic. c. dependant on its supply. d. directly proportional to capital employed.