To function as money, something must hold its purchasing power over time. That is, it must be a
A) store of value.
B) standard of deferred payment.
C) unit of accounting.
D) medium of exchange.
A
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Refer to the scenario above. If Joseph prefers fairness to money, ________
A) he will not accept any offer made by Phillip B) he will always accept any offer made to him C) he will accept the offer if offered an equal share of the money D) Phillip will offer the minimum amount of money to Joseph
Microeconomics focuses on:
A.) Full employment, price stability, and economic growth. B.) The behavior of individuals, firms, and government agencies. Land, labor, and capital. Centrally planned economies.
A decrease in the cost of inputs will shift the supply curve down and to the right.
a. true b. false
The concept that a decline in tax rates and other incentives will induce individuals and firms to increase productivity is typically referred to as
A. supply-side economics. B. demand-side economics. C. Keynesian economics. D. Ricardian equivalence.