When money is accepted as payment in a market transaction, it is functioning as a
A) store of value.
B) unit of accounting.
C) medium of exchange.
D) unit of investment.
C
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Double marginalization (first encountered in Chapter 4) complicates access pricing in telecommunications
Indicate whether the statement is true or false
Which of the following statements is not true?
a. growing employment in retailing and restaurants contributes to the wage decline of high school graduates. b. the decline in union membership has contributed to income inequality. c. the increased use of technology in manufacturing has increased income inequality. d. since service industries are less likely to use technology, they are more likely to be unionized.
When negative spending shocks occur, transfer payments automatically fall
a. True b. False
An increase in available resources, or a technological advancement that enhances the productivity of one or more types of resources, can shift the PPF outward and lead to economic growth
Indicate whether the statement is true or false