Which statement is true?
A. One of the functions of money is that it serves as a receipt for gold.
B. The most important function of money is that it serves as a medium of exchange.
C. Barter requires specialization.
D. None of the statements are true.
B. The most important function of money is that it serves as a medium of exchange.
Economics
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When the price of a normal good rises, the income effect results in ________ in the quantity demanded and the substitution effect results in ________ in the quantity demanded
A) an increase; an increase B) an increase; a decrease C) a decrease; an increase D) a decrease; a decrease
Economics
Explain how to calculate the slope of a non-linear function. What does the slope measure?
What will be an ideal response?
Economics