When money is used to express the value of goods and services, it is functioning as a
A) medium of exchange. B) store of value.
C) store of purchasing power. D) unit of account.
D
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According to your authors, a recessionary "bust" is
A) an inherent part of any market economy. B) a correction of the mistakes generated during the prior expansionary "boom." C) an event that can be successfully recovered through fiscal "stimulus" policies. D) identified by a rise in real GDP.
Third-degree price discrimination refers to situation in which:
A) a firm charges different prices for different blocks of output. B) a firm separates markets according to the price elasticity of demand. C) a firm is able to charge the maximum price consumers are willing to pay for each unit of output. D) a firm divides a market into thirds and charges each segment a different price.
One aspect of bank accounting is that many liabilities of banks are
A. assets of other persons and businesses in the economy. B. also liabilities of other persons and businesses in the economy. C. not matched by liabilities of most other banks. D. not actually owed to any other person or business in the economy.
People benefit by participating in the market because:
A.) Resources are no longer limited. B.) It facilitates specialization and increased consumption. C.) Buyers and sellers have the same goals. D.) Participants in the market do not have to make choices.