In Econland exports equal 25% of total output, while imports equal 20% of total output. Econland has:

When we keep part of our wealth in a bank checking account, we are using money as a

A) store of value. B) medium of exchange. C) barter token. D) unit of account. E) unit of currency.

Free trade and globalization is generally believed

A) to cause a degradation in the world's environment. B) to improve the environment by correcting for distortions caused by import competing policies. C) to help spread the best of each country's culture, so as to uplift global cultural standards. D) to help each country safeguard the best of its own culture. E) to make no difference in the economic welfare of the world.