Keeping $20 in currency to be able to buy gasoline, money is performing which function?
A) medium of exchange
B) unit of account
C) store of value
D) barter mechanism
E) symbol of fiat
C
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Which of the following can best be characterized as a "Black Swan" event?
A) decline in stock prices due to a recession B) rising market interest rates as the Fed tightens monetary policy C) a financial crisis causing credit to dry up D) an individual firm unexpectedly filing for bankruptcy
Asymmetric information discourages the movement of funds from savers to borrowers, because ________
A) big risks have high payoffs B) the safe choice is always preferable to the risky choice C) taking risks is inefficient D) the loss arising from a failed project must be borne by the borrower, rather than the lender
A specific tax of $1 per unit of output will affect a firm's
A) average total cost, average variable cost, average fixed cost, and marginal cost. B) average total cost, average variable cost, and average fixed cost. C) average total cost, average variable cost, and marginal cost. D) marginal cost only.
The amount of unemployment that an economy normally experiences is called the
a. average rate of unemployment. b. natural rate of unemployment. c. cyclical rate of unemployment. d. typical rate of unemployment.