If a person uses money to buy a pair of shoes, money is functioning as
A) a unit of account.
B) a store of value.
C) a medium of exchange.
D) none of the above
C
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Refer to Figure 11-4. The movement from E to B to D in the figure above illustrates
A) diminishing returns to capital. B) an improvement in technology. C) diminishing returns to labor. D) a decline in capital per worker.
If the federal funds rate is above the equilibrium federal funds rate, then the supply of reserves would be __________ than the demand for reserves and the banks would try to __________ reserves causing the federal funds rate to fall
A) greater than; lend B) greater than; borrow C) less than; lend D) less than; borrow
A call option is in the money if the futures price is greater than the strike price.
a. true b. false
Production is the process by which
A. resources are transformed into useful forms. B. resources are allocated and distributed. C. products are used by consumers. D. products are converted into capital.