Money functions as
A. a medium of exchange.
B. an unit of account.
C. a store of value.
D. all of these.
Answer: D
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In the short run, real GDP can increase beyond a level consistent with the long-run growth path if
A) existing capital and labor are used more intensely. B) the price level decreases accordingly. C) we measure in nominal terms instead of real terms. D) there is an increase in marginal tax rates.
Which of the following are true?
a. Economists use the criterion of economic efficiency to judge the merit of alternative outcomes. b. Undertaking an economic action will be efficient if it produces more benefits than costs for the individuals of the economy. c. Undertaking an economic action will be inefficient if it produces more costs than benefits to the individuals. d. All of the above are true.