A farm worker gets paid today in money, but plans to spend the money next week. This illustrates which function of money?
A) medium of exchange
B) unit of account
C) store of value
D) standard of deferred payment
Answer: C
Economics
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The long-run aggregate supply when resources are fully employed
A) has no relationship with the production possibilities curve. B) will always be associated with a point outside the production possibilities curve. C) will always be associated with a point on the production possibilities curve. D) is determined by demand.
Economics
Socially inefficient outcomes may occur in markets where there are: a. negative externalities present
b. asymmetric information problems present. c. positive externalities present. d. any of the above.
Economics