In defining money according to the transactions approach, you would want to include
A. those assets that are used as a medium of exchange.
B. those assets that are used as a standard of deferred payment.
C. those assets that are used as a store of value.
D. those assets that are used as a unit of account.
Answer: A
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The circular flow model demonstrates
A) the role of the government in overseeing the market system. B) the roles played by households and firms in the market system. C) how demand and supply for goods and services are brought into equilibrium. D) how shortages and surpluses are eliminated in a market.
Successful product differentiation by a monopolistically competitive firm makes the demand curve, faced by the firm, steeper
a. True b. False Indicate whether the statement is true or false
Under a marketable pollution permit system, property rights to an externality are created so that a more efficient allocation of resources will result
a. True b. False Indicate whether the statement is true or false
If consumers were originally willing to buy 500 units of a good at a price of $20 are now willing to buy 500 units of the same good at a price of $10, that change would be described as a decrease in demand
a. True b. False Indicate whether the statement is true or false