Treasury Bonds are
a. both a store of value and a medium of exchange.
b. a store of value, but not a medium of exchange
c. a medium of exchange, but not a store of value.
d. neither a store of value nor a medium of exchange.
b
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Suppose an economy has the following characteristics: 100 people in the noninstitutional population; 40 people employed; 50 people not in the labor force. What's the unemployment rate?
A) 10 percent B) 15 percent C) 20 percent D) 40 percent E) 50 percent
What is an economic model?
A) It is a simplified version of some aspect of economic life used to analyze an economic issue. B) It is a description of an economic issue that includes all possible related information. C) It is a detailed version of some aspect of economic life used to analyze an economic issue. D) It is a description of an economic issue based on official government information.
Assume the table shown is for a hat factory, and shows the total production of hats given various numbers of employees. Adding a seventh employee adds:
A. 255 hats to total production.
B. 25 hats to total production.
C. 20 hats to total production.
D. 275 hats to total production.
The payment made to an owner of a resource in excess of the opportunity cost of the resource is
a. economic rent b. economic profit c. wages d. interest e. opportunity cost