If a friend of yours keeps cash hidden under the mattress, he is using money as a
A) medium of exchange. B) unit of accounting.
C) store of value. D) standard of deferred value.
C
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Which of the following statements is true?
a. Goods are scarcer than services in an economy. b. Goods are scarce for neither the poor nor the rich. c. Goods are scarce for both the poor and the rich. d. Goods are scarce for the poor but not for the rich. e. Goods are scarce for the rich but not for the poor.
When there are price ceilings, _____ tend to develop.
Fill in the blank(s) with the appropriate word(s).
If the demand for illegal drugs is inelastic, then a government policy that causes illegal drug price to rise would cause those who support their drug habit by property theft to:
A. increase their theft to pay for their drugs. B. increase their drug dependency. C. reduce their theft to pay for their drugs. D. end their drug dependency.
The velocity of money is equal to:
A. 1/MPS. B. 1/reserve ratio. C. M/GDP. D. none of these.