The most distinguishing economic feature of money is its
A) medium of exchange role.
B) store of value role.
C) unit of account role.
D) standard of deferred payment role.
A
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What conditions must be satisfied if resources are used efficiently?
What will be an ideal response?
The main rationale for government regulatory functions is
A) to regulate for-profit institutions. B) to make sure that firms are maximizing profits. C) to expand the scope of the government. D) to protect consumer interests.
If the efficient-market hypothesis is true, then the idea of:
A. herd instinct holds. B. herd instinct doesn't always hold. C. tulip mania holds. D. tulip mania doesn't always hold.
What is the likely result for the gains from specialization according to the concept of diminishing returns?
What will be an ideal response?