The transactions demand for money is related to money's job as a _________.
Fill in the blank(s) with the appropriate word(s).
medium of exchange
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When economic profits are zero, accounting profits are most likely:
A. positive. B. negative. C. zero. D. All of these are likely.
Supply-side economists argue that less government spending:
a. will contract the productive side of the economy. b. will result in more crowding out. c. causes higher rates of unemployment and inflation. d. would cause interest rates to increase dramatically. e. would make more investment capital available at lower rates of interest to the private sector.
Inputs in production processes are called resources
a. True b. False Indicate whether the statement is true or false
A 20 percent increase in the price of flour reduces flour consumption by about 10 percent. Such a price increase causes households to
a. spend less on flour. b. spend more on flour. c. spend the same amount on flour as before. d. consume more goods like salt and baking powder, which are flour complements.