Which of the following functions of money enables society to gain the benefits of geographic and labor specialization?
A. store of value
B. unit of account
C. medium of deferred payment
D. medium of exchange
Answer: D
Economics
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Chaletland should _____ interest rates during a recession and _____ interest rates during an economic boom in order to maintain long-run equilibrium.
A) Increase; increase B) Decrease; decrease C) Decrease; increase D) Increase; decrease
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Which cannot be a characteristic of an oligopolistic industry?
A. Differentiated products. B. Significant barriers to entry. C. A perfectly elastic firm demand curve. D. A large number of consumers.
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