Which of the following best illustrates the unit of account function of money?
A) You list prices for clothing sold on your Web site, www.nattydresser.com, in dollars.
B) You pay for your cruise tickets with dollars.
C) You keep $50 in your backpack for emergencies.
D) You keep your tips earned from your tour guide job in a separate jar at home.
Ans: A) You list prices for clothing sold on your Web site, www.nattydresser.com, in dollars.
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What will be an ideal response?
Which of the following is consistent with international trade theory?
A) The United States needs trade restrictions to stay competitive. B) The United States has been falling behind Europe and Japan because its economy is too open. C) The standard of living within a country is a function of the economic strength of the economy and not of its relative position. D) A country should strive for comparative advantage in manufacturing.