When deciding what to use as money, one characteristic to look for is its:
A. exchange value.
B. convenience.
C. shape.
D. intrinsic value.
Answer: B
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If an economy produced 220 pounds of jelly beans at $5 per pound and 90 pounds of gum drops at $2 per pound in 2016, its real gross domestic product (GDP) was
A) 310 pounds of candy. B) $180. C) $1,100. D) $1,280.
A method of valuing a life that estimates how much money it takes to get the typical person to bear an additional risk of death is called the
A) lost-income approach. B) compensating differential approach. C) daredevil approach. D) price-is-right approach.
Suppose the Federal Reserve increases the money supply. Which of the following will tend to occur as a result of this policy in a Keynesian model?
A) an inflationary gap B) demand-pull inflation C) a movement along the short-run aggregate supply curve D) all of the above
In making decisions about insurance, a crucial piece of information to know is:
A. how easily you can reduce the risk of experiencing the event you're insuring against. B. how many others will likely be affected by the same risk. C. how catastrophic would the event's occurrence be if the event you're insuring against happened. D. when the event you're insuring against is most likely to occur.