A passbook savings account serves as
A) a medium of exchange and a store of value.
B) a medium of exchange but not a store of value.
C) a store of value but not a medium of exchange.
D) as neither a store of value nor a medium of exchange.
C
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In the four-part diagram used to construct the IS curve, a decrease in the interest rate causes
A) an increase in Ap and induced saving but does not shift the IS curve. B) an increase in Ap and induced saving and shifts the IS curve to the right. C) a decrease in Ap, an increase in induced saving, and shifts the IS curve to the right. D) a decrease in Ap and a decrease in induced saving, but does not shift the IS curve.
Producer surplus is represented by ______.
a. the area below the market supply curve and above the market price b. a sharp downward slope of the supply curve c. the area above the market supply curve and below the market price d. the point where the supply and demand curves intersect