Money's basic advantage as compared to barter is that
A) everybody has money but not everyone has the opportunity to barter.
B) a money system relies on a double coincidence of wants.
C) money reduces transaction costs.
D) money is the only medium you can use to store your wealth.
C
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The price of domestic goods in terms of foreign goods is referred to as the
A) nominal exchange rate. B) real exchange rate. C) relative inflation rate. D) purchasing power parity rate.
The wages of professional athletes
a. are related to demand for their services. b. include substantial economic rents. c. are high because of scarcity. d. All of the above are true.
The combinations of inputs that produce a given level of output are depicted by:
A. isoquants. B. isocost curves. C. budget lines. D. indifference curves.
The dates of turning points are determined by a committee from the
A. BEA. B. FBI. C. NBER. D. BLS.