What function is money serving when you take it on a trip and keep it in your wallet or purse in case you need it?
A. A medium of exchange.
B. A flow of funds.
C. A store of value.
D. A unit of account.
Answer: C
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If households were to switch production away from an equal division of chores
(e.g., doing dishes, mowing the lawn, etc.) to a system based on specialization and trade, the efficiency of household production would probably ________ and leisure time would probably ________. A) decrease; decrease B) decrease; increase C) increase; increase D) increase; decrease
CEB Iron makes a large profit, but its waste has reduced the quality of fishing in the nearby river. Their negative spillover best represents a ______.
a. moral hazard b. adverse selection c. nonpecuniary cost d. pecuniary cost
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What will be an ideal response?
When a government influences the exchange rate of its currency, it is said to be practicing “dirty floating.”
Answer the following statement true (T) or false (F)