A passbook savings account serves as
A) a medium of exchange and a store of value.
B) a medium of exchange but not a store of value.
C) a store of value but not a medium of exchange.
D) as neither a store of value nor a medium of exchange.
C
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If a firm wants to determine total cost, it needs
A. to add its variable costs to its fixed costs. B. the prices of inputs and of output. C. the variable cost per unit. D. the production function and the price of its output.
When the overall price level decreases, what is the effect on the economy?
a. Purchasers demand a higher quantity of final goods and services.
b. There is a decrease in the quantity of real GDP demanded.
c. Movement occurs along the curve from point A to point B.
d. The aggregate demand curve shifts rightward.
Related to the Economics in Practice on p. 666: When a country opens its markets to free trade, competition ________ and efficiency ________.
A. grows; improves B. grows; declines C. decreases; declines D. decreases; improves
If I own a share of stock in IBM, I own
a. only the right to vote in elections of corporate directors b. a claim to a share of IBM's assets and earnings as well as the right to demand annual dividend payments c. the right to demand annual dividend payments as well as the right to vote in elections of corporate directors d. only the right to demand annual dividend payments e. a claim to a share of IBM's assets and earnings as well as the right to vote in elections of corporate directors