Giving the store clerk a $20 bill for a sweater priced at $20 is an example of money serving as a
A) medium of exchange. B) unit of accounting.
C) store of value. D) standard of deferred value.
A
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The gross domestic product (GDP) concept accounts for society's valuation of the relative worth of goods and services by using a ________.
A. utility measure B. monetary measure C. measure of volume D. measure of physical weight
? In Figure 5-16, Adam is
A. better off at C than at D and able to afford either C or D. B. better off at D than at C but only able to afford C. C. equally well off at C and D and able to afford either C or D. D. equally well off at C and D but only able to afford C.
The "superstar" phenomenon can apply to which of these jobs?
a. high-school teacher b. author c. heart surgeon d. carpenter
A dominant strategy is one that:
A. maximizes profits. B. is optimal under some conditions. C. never yields a negative payoff. D. is the best choice under all conditions.