The transactions demand for money is related to money functioning as a
A) unit of accounting. B) store of value.
C) medium of deferred payment. D) medium of exchange.
D
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What would be the opportunity cost of a child using a coupon for a free ice cream cone?
A. The dollar cost of the cone he or she selected B. The other types of ice cream he or she could have selected C. Zero, because the good was not a durable good D. Zero, because the good was free
A higher population growth rate can potentially lead to a higher rate of growth in per capita real GDP if
A) it leads to an increase in the amount of dead capital. B) young workers replace older workers. C) there is a greater labor force participation rate. D) it leads to greater democracy in a nation.
Refer to the scenario above. Tom should use ________ to play this game
A) backward induction B) forward induction C) mixed strategies D) his dominated strategy
Prices are useful in coordinating society’s economic planning because
A. they convey information about which goods are scarce and which are plentiful. B. economies based on price systems are more flexible than centrally planned economies. C. economies based on price systems are more likely than centrally planned economies to minimize the cost of producing society’s output. D. All of the responses are correct.