Money functions as a(n)
A) medium of exchange. B) unit of account.
C) store of value. D) all of the above.
D
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From the late 1960s to the late 1990s, the share of GDP devoted to government purchases
A) drifted gradually upward. B) drifted gradually downward. C) remained fairly steady. D) increased, but only after the onset of a war or a military buildup.
In long-run equilibrium, the monopolistically competitive firm:
a. will break even. b. will cease to advertise. c. will earn a positive economic profit. d. will face a perfectly elastic demand curve. e. will no longer need to engage in non-price competition.
A reduction in the government's deficit causes:
a. No change in the monetary base. b. The monetary base to either rise or fall, depending on the state of the economy. c. The monetary base to fall. d. The monetary base to rise.
If trade is mutually beneficial, then increasing trade
A. Increases the welfare of producers that compete with importers. B. Reduces income for workers in export industries. C. Makes countries less interdependent. D. Leads to increased output in export industries.