If a person writes a check on a bank to purchase a new Oldsmobile, he is employing money as:
A. a medium of exchange.
B. a store of value.
C. a measure of value.
D. All of the choices are correct.
A. a medium of exchange.
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The __________ shows a direct relationship between consumption spending and disposable income.
A. consumption function B. aggregate demand curve C. investment demand curve D. supply of income curve
How might a nation expand its production possibilities?
A. By engaging in barter transactions to facilitate trade B. By investing in new technology and business equipment C. By engaging in direct production rather than roundabout production D. By specializing in the production of a particular good
Based on the above table, the reserve ratio for the banking system is
A) 1 percent. B) 15 percent. C) 20 percent. D) 10 percent.
Lucy works as a college instructor for a fixed annual salary of $30,000. She is considering quitting this job and becoming a real estate broker
Lucy believes that as a realtor she has a 40 percent chance to make $60,000 per year and a 60 percent chance to make $25,000 a year. The figure above shows Lucy's total utility of wealth curve (U). Lucy will decide to ________ and she will definitely make this choice because it gives her a greater expected ________. A) keep her current job; income B) keep her current job; utility C) quit her job and become a realtor; utility D) quit her job and become a realtor; income