The three important functions of money are _____
a. medium of exchange, facilitation of trade, and unit of account
b. unit of account, facilitation of trade, and store of value
c. store of value, facilitation of trade, and double coincidence of wants
d. facilitation of trade, medium of exchange, and unit of account
e. medium of exchange, unit of account, and store of value
e
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Between 1977 and 2004, the inflation-adjusted prices for an array of goods traded between countries __________ while the inflation-adjusted prices for an array of goods not traded between countries _____________________
A) fell; increased. B) rose; increased as well. C) fell; decreased as well. D) rose; decreased.
If the opportunity cost of corn to wheat is 3:1 in the United States and 5:1 in France, only the United States would benefit from trade if the actual terms of trade between corn and wheat were 2:1.
Answer the following statement true (T) or false (F)