Aside from being a means of payment, the other functions of money are
A) medium of exchange and the ability to buy goods and services.
B) medium of exchange, unit of account, and means of lending.
C) pricing, contracts, and store of value.
D) medium of exchange, unit of account, and store of value.
D
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Picture a competitive market with the usual upward sloping supply curve and downward sloping demand curve. If the current price is creating a shortage, then market forces will cause the price to adjust and
A. quantity supplied will increase. B. quantity demanded will increase. C. quantity supplied will decrease. D. demand will decrease.
Suppose that real GDP starts at 100 and grows at a rate of 10 percent per year for two years. In the third year real GDP would be
A) 110. B) 110.1. C) 120. D) 121.
Are sales of used goods included in GDP? Explain why or why not. Hint: Remember how GDP is defined
A five-cent container deposit on bottles
A. Makes it more profitable for firms to use these containers. B. Increases the incentive to recycle. C. Decreases the incentive to recycle. D. Encourages pollution.