When economists refer to the role of money as a store of value, they mean that
A) money never loses its value, unlike other assets.
B) money allows value to be stored easily.
C) the value of money falls only when the quantity of money in circulation falls.
D) the value of money falls only when the quantity of money in circulation rises.
B
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Refer to Figure 22-2. Based on the per-worker production function above, if the economy raises capital per hour worked from $35,000 to $40,000, by how much will real GDP per hour worked increase?
A) $150 B) $1,850 C) $2,000 D) $5,000
Defining money becomes ________ difficult as the pace of financial innovation ________
A) less; quickens B) more; quickens C) more; slows D) more; stops
The vertical distance between the horizontal axis and any point on a perfect competitor's demand curve measures
A) total cost. B) total revenues. C) product price, marginal revenue, and average revenue. D) supply curve for the product.
Policies taken to move the economy closer to potential output:
A. must be expansionary policies. B. must be contractionary policies. C. are called stabilization policies. D. are lagging policies or automatic policies.