Which of the following is a correct listing of money's functions?
A) source of credit, value of transaction costs, unit of barter
B) medium of barter, medium of exchange, medium of transactions
C) unit of barter, unit of account, a unit of income
D) store of value, store of exchange, measure of account
E) store of value, medium of exchange, unit of account
E
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The concept of an open economy means that
A) a nation's borders are open to flows of imports and exports. B) exports should be controlled but imports should be allowed in without restriction. C) imports and exports should be restricted. D) imports should be limited while exports should be expanded.
Economic growth is:
A. about the quality of life for all sectors of society. B. an indicator of individual poverty. C. a measurement of available resources. D. the measure of changes in real GDP.
Define the following terms and explain their importance to the study of macroeconomics: a. open economy b. closed economy c. budget deficits and trade deficits d. international capital flows
What will be an ideal response?
At year-end 2014, the national debt of the United States was approximately
a. 5 percent of GDP. b. 25 percent of GDP. c. 77 percent of GDP. d. 107 percent of GDP.