Which function of money allows for specialization to take place?
A) medium of exchange
B) unit of account
C) store of value
D) standard of deferred payment
A
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What condition must be satisfied so that society is producing the efficient mix of output? Why does this condition guarantee efficiency?
What will be an ideal response?
The bond market
a. is a financial market, whereas the stock market is a financial intermediary. b. is a financial intermediary, whereas the stock market is a financial market. c. is a financial market, as is the stock market. d. is a financial intermediary, as is the stock market.
Which of the following persons would be considered employed?
A) Jennifer, a teacher who is on a two month maternity leave but will return to work after. B) All of the above persons are considered employed. C) Sam, a 12 year old who helps his mom stock shelves at her gift shop. D) Ron, a recently enrolled full-time college student in hopes of finding a well-paying job.
Refer to the information provided in Table 3.2 below to answer the question(s) that follow.Table 3.2Price per CheeseburgerQuantity Demanded (Cheeseburgers per Month)Quantity Supplied (Cheeseburgers per Month)$51,500 500 61,200 700 7 900 900 8 6001,100 9 3001,300Refer to Table 3.2. If the price per cheeseburger is $8, there is an excess
A. supply of 500 cheeseburgers. B. supply of 1,100 cheeseburgers. C. demand of 300 cheeseburgers. D. demand of 600 cheeseburgers.