Money serves as a standard of value, which is another way of saying that money functions as
A) a unit of accounting. B) a medium of exchange.
C) an opportunity cost of investment. D) standard of deferred payment.
A
Economics
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If the percentage change in the quantity demanded of a good is less than the percentage change in price, price elasticity of demand is:
a. elastic. b. inelastic. c. perfectly inelastic. d. unitary elastic.
Economics
To correct the budget deficit for inflation, we should
a. multiply the budget deficit by the price deflator for GDP. b. subtract interest payments from tax revenues. c. divide the budget deficit by nominal GDP. d. divide the budget deficit by the consumer price index.
Economics