Most financial assets other than money function as
a. a medium of exchange, a unit of account, and a store of value.
b. a medium of exchange and a store of value, but not a unit of account.
c. a store of value and a unit of account, but not a medium of exchange.
d. a store of value, but not a unit of account nor a medium of exchange
d
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Is the $208 million that electricity producers will spend to comply with the new rules part of the opportunity cost of producing electricity?
What will be an ideal response?
Inflation is an economic problem because it
A) leads inevitably to unemployment. B) makes prices less useful as signals for resource allocation. C) leads to recession. D) results in rapid increases in the money supply.
The additional cost associated with the hiring of one more unit of labor is known as the
A) marginal physical product of labor. B) marginal revenue product of labor. C) marginal factor cost of labor. D) marginal utility of labor.
”Peak” pricing can best be defined as
A. setting higher prices to reflect higher demand. B. pricing to obtain maximum profit. C. setting price higher when demand is more elastic. D. raising price to determine elasticity.