"Currency" is a more encompassing term than "money" to denote acceptable mediums of exchange

If government increased Social Security benefits and decreased the salaries of government workers by the same amount, which of the following is the expected immediate effect? a. An increase in the budget deficit and government purchases of goods and services

b. An increase in the budget deficit, but no change in government purchases of goods and services. c. An increase in the budget deficit and a decrease in government purchases of goods and services. d. No change in the budget deficit because there has been no change in government purchases of goods and services. e. No change in the budget deficit because government purchases of goods and services have decreased by the same amount as transfer payments have increased.

Explain the expression "time is more valuable than money." Explain in words and use a diagram to illustrate the implications of this for a person's labor supply curve