If money is used as a mechanism to hold purchasing power for a period of time it is functioning as a:
A. standard of value.
B. store of value.
C. medium of exchange.
D. unit of account.
Answer: B
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Suppose there are 10 million part-time workers and 90 million full-time workers in an economy. Five million of the part-time workers switch to full-time work. As a result, the
A. official unemployment rate will fall. B. size of the labor force will increase. C. official unemployment rate will rise. D. official unemployment rate will remain unchanged.
The First World is made up of communist nations
a. True b. False Indicate whether the statement is true or false
Which of the following illustrates the effectiveness lag?
A) Policymakers believe an economic downturn has occurred, but they decide not to take action until they are sure. B) Policymakers are in the process of proposing policy measures to deal with the current economic slowdown. C) Policymakers first learn of the recession when it is five months old. D) Policymakers implement policy X, but it will be a few months before it starts working. E) Policymakers agree to policy X, but it will be at least two months before the policy is implemented.
A large employer gives each new hire an aptitude test, which is scored from 1 to 20. Let T be a worker's score on the test. The firm then pays a new worker a wage of w = 0.6T + 0.4G where G is the average test score for the worker's gender: 16 for women; 12 for men. How much more is a woman paid than a man when both scored a 10 on the test?
A. $0.80 B. $0.40 C. $0.20 D. $1.60 E. $3.20