Virtual currency unit 3 (VCU3) is different from VCU2 because:
a. VCU2 cannot be spent in the real world; VCU3 can be spent in the real world.
b. In terms of convertibility, there is no difference; both VCU2 and VCU3 can be purchased with and sold for legal tender.
c. VCU3 can directly affect real world demand, whereas VCU2 cannot affect real-world demand.
d. In terms of spending potential, there is no difference because neither VCU2 nor VCU3 can be spent in the real world.
.D
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Suppose that the basket of goods purchased by the typical consumer costs $188.80 this year and it cost $160 in the base year. The CPI in the base year would be
A) 85.11. B) 100.0. C) 118.0. D) 348.8.
Refer to Table 10-4. For steak and cheese sandwiches and grilled chicken sandwiches, the table contains the values of the marginal utility (MU) and marginal utility per dollar (MU/P) for Mabel Jarvis
Mabel has $14 to spend on steak and cheese sandwiches and grilled chicken sandwiches. Which of the following statements is true? A) To maximize her utility, Mabel will need a total of $36, the income needed to buy 6 steak and cheese sandwiches and 6 grilled chicken sandwiches. B) If Mabel maximizes her utility she will buy three steak and cheese sandwiches and two grilled chicken sandwiches. C) If Mabel was maximizing her utility when spending $14 and then received an additional $4, she would receive the most marginal utility per dollar if her next purchase was another grilled chicken sandwich. D) Mabel will first buy two steak and cheese sandwiches; then with her remaining $6 she will buy three grilled chicken sandwiches.