What are the two features of money that distinguish it from all other goods in the economy?
A) Money is government issued and it is redeemable for gold or silver.
B) Money is accepted as a medium of exchange and it is the common unit of account used to express prices.
C) Money is part of every barter transaction and it is divisible.
D) Money is a common unit of account and it is also can be traded for other currencies at a guaranteed exchange rate.
B
Economics
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In the income-expenditure model, firms stand ready to provide all the output that is demanded
Indicate whether the statement is true or false
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If two consumption points are not on the same indifference curve, then one point is ________
A) a substitute for the other point B) unaffordable and the other is affordable C) preferred to the other D) more expensive than the other
Economics