The confidence you have that a retailer will accept dollars in exchange for goods is based primarily on money
a. being a unit of account.
b. being a medium of exchange.
c. serving as a store of value.
d. having intrinsic value.
b
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When a sales tax is imposed on sellers, the supply curve shifts so that the vertical distance between the old and the new supply curve equals the
A) sales tax multiplied by the price elasticity of demand. B) sales tax multiplied by the price elasticity of supply. C) amount of the sales tax. D) sales tax divided by the price elasticity of demand.
When confronted with rational expectations regarding changes in monetary policy, the short-run Phillips curve may be vertical
Indicate whether the statement is true or false
The clearing corporation associated with the Chicago Board of Trade consists of
A) government regulatory bodies. B) major commercial banks. C) members of the exchange. D) major corporations.
If a one percent increase in the price of bananas leads to a one percent decrease in the quantity of bananas demanded, then the demand for bananas is
A) elastic. B) inelastic. C) unit-elastic. D) perfectly inelastic.