Which of these signifies the role of money in any economy?
a. It acts as a tool for poverty alleviation in an economy
b. It serves as a medium of exchange in an economy.
c. It indicates the economic wellbeing of a nation.
d. It helps to differentiate between the nominal and real income of a nation.
e. It is a clear indicator of the growth in national income.
b
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The night before a midterm exam, you decide to go to the movies instead of studying for the exam. You score 60 percent on your exam. If you had studied the night before, you'd have scored 70 percent
What was the opportunity cost of your evening at the movies? A) 10 percent off your grade B) 60 percent C) 70 percent D) zero
The usual response of the banking system to new government regulations is
A) evasion through whatever means are necessary. B) strict compliance. C) an attempt to circumvent the regulations through financial innovation. D) bankruptcy.