A main function of money is to avoid the problem of double coincidence of wants. This is the
A. medium of exchange function.
B. unit of account function.
C. standard of deferred payment function.
D. store of value function.
E. standard of credit function.
A. medium of exchange function.
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Deadweight loss from monopoly power is expressed on a graph as the area between the
A) competitive price and the average revenue curve bounded by the quantities produced by the competitive and monopoly markets. B) competitive price line and the marginal cost curve bounded by the quantities produced by competitive and monopoly markets. C) competitive price line and the monopoly price line bounded by zero output and the output chosen by the monopolist. D) average revenue curve and the marginal cost curve bounded by the quantities produced by competitive and monopoly markets.
Which of the following illustrates a macroeconomic question?
A. What is the least costly way to produce automobiles and trucks in the United States? B. Should the salaries of financial executives be regulated by the government? C. Will the introduction of a new computer chip change the demand for computers? D. Are increasing wage demands by workers contributing to price inflation?
Which of the following is not included in gross domestic private investment, as defined in national income accounts?
A. The value of all new capital goods bought by business firms B. Changes to business inventories C. Domestic home construction undertaken by and for the private sector D. Government construction of new highways and dams
In 2008, the Fed and the Treasury began attempting to stabilize the commercial banking system through the Troubled Asset Relief Program (TARP) by
A) providing funds to banks in exchange for stock. B) permitting banks to sell commercial bonds to the Federal Reserve Bank. C) allowing banks to double any outstanding claims for federal deposit insurance reimbursements. D) allowing domestic banks to be taken over by foreign banks.