Asset demand for money is related to money functioning as a
A. store of value.
B. medium of deferred payment.
C. unit of accounting.
D. medium of exchange.
Answer: A
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Which of the following statements is not correct?
a. The marginal cost of the fifth unit of output equals the total cost of five units minus the total cost of four units. b. The total variable cost of seven units equals the average variable cost of seven units times seven. c. If marginal cost is rising, then average variable cost must be rising. d. The marginal cost of the fifth unit of output equals the total variable cost of five units minus the total variable cost of four units.
In the following equation, gdp refers to gross domestic product, and FDI refers to foreign direct investment. ? log(gdp) = 2.65 + 0.527log(bankcredit) + 0.222FDI (0.13) (0.022) (0.017) ? Which of the following statements is then true?
A. If gdp increases by 1%, bank credit increases by 0.527%, the level of FDI remaining constant. B. If bank credit increases by 1%, gdp increases by 0.527%, the level of FDI remaining constant. C. If gdp increases by 1%, bank credit increases by log(0.527)%, the level of FDI remaining constant. D. If bank credit increases by 1%, gdp increases by log(0.527)%, the level of FDI remaining constant.
Which of the following is true of The Invisible Hand Theorem?
A. There can be no taxes of any kind. B. The slope of the production possibilities curve is not affected by movements along the production contract curve. C. Monopoly pricing will not distort efficiency as long as consumers are willing to pay the prices of the monopolists. D. Any position on the consumer contract curve can be efficient.
Which of the following is most likely to cause a leftward shift of the demand curve for a normal good in the current period?
What will be an ideal response?