If the government passed a law designating sea shells as money, sea shells
a. would not be legal tender
b. would not function as money because they would be unable to serve as a unit of account
c. would not function as money because they would be unable to serve as a means of payment
d. would not function as money because they would be unable to serve as a store of wealth
e. would function as money as long as they were accepted in exchange for goods and services
E
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Total planned expenditures for domestically produced goods and services consist of
A) consumer spending, business spending, government spending, and net export spending. B) consumer spending, business spending, government spending, and import spending. C) consumer spending, business spending, and net export spending only D) government spending, business spending, and import spending only.
The price elasticity of demand for a variable input will be greater
A) the fewer substitutes there are for the final product. B) the easier it is for a particular input to be substituted for by other inputs. C) the lower the price elasticity of supply of all other inputs. D) the smaller the proportion of total costs accounted for by a particular variable input.
Debt servicing refers to the repayment of principal on the debt.
Answer the following statement true (T) or false (F)
Social overhead capital guarantees economic growth.
Answer the following statement true (T) or false (F)