If money is used as a mechanism to hold purchasing power for a period of time it is functioning as a
A) unit of account. B) medium of exchange.
C) store of value. D) standard of value.
C
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Very few societies have used price controls.
Answer the following statement true (T) or false (F)
When regulators identify with the special interests of the industry they regulate, this behavior conforms with the
A) share-the-gains, share-the-pains hypothesis. B) rate-of-return hypothesis. C) lemon market hypothesis. D) capture hypothesis.
With a fixed supply of money, as GDP rises, the demand for money ____ and therefore ____ must rise to encourage savers to hold financial assets instead of cash.
A) falls; prices B) rises; incomes C) rises; rates of interest D) falls; taxes
In the above figure, what would be the profit-maximizing output and price for this natural monopolist?
A. 1,200; $3 B. 700; $7 C. 900; $7 D. 700; $10