The "store of value" function of money means it is the:
a. Asset individuals get for goods and services and then use later to purchase other goods and services.
b. Barter value of a product for which a nation has a comparative advantage.
c. The unit in terms of which people write contracts.
d. Asset people can use to accumulate wealth.
e. Unit in terms of which everything is valued and the basis for establishing relative prices between goods and services.
.D
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Economists are concerned that a large cost to nations entering into a monetary union is:
A) the inability to collect taxes. B) the inability to rescue banks or stimulate the economy via a lender-of-last-resort mechanism. C) the tendency toward ever higher deficits. D) sticky prices.
Inefficiency is a flaw of a command economy because there is less incentive for resources to flow to their highest-valued uses
a. True b. False