Economists say that money serves as a medium of exchange, they mean that it is:
A. a way to keep wealth in a readily spendable form for future use.
B. a means of payment.
C. a monetary unit for measuring and comparing the relative values of goods.
D. declared as legal tender by the government.
B. a means of payment.
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The bandwagon effect corresponds best to which of the following?
A) Snob effect B) External economy C) Negative network externality D) Positive network externality
Which of the following events challenged Keynesian views, and led to the popularity of Milton Friedman's ideas?
a. The hippie community started advocating socialist values. b. Hard-core republicans came into office. c. The U.S. economy faced high levels of inflation and unemployment simultaneously. d. The oil crisis exploded. e. Countries that followed Friedman's ideas performed better.