The people of the Island of Yap used stones as a general medium of exchange. Therefore,
A) their economic system was based upon barter.
B) their stones served as money.
C) they had no price system, because prices can't be measured with stones.
D) inflation was impossible.
B
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Who among the following is neither employed nor unemployed?
a. Veronica, currently jobless because the company she worked in went out of business but who is available for work. b. Robin, who is a journalist working as a news reporter in B2B News Channel c. Mitch, who mows lawns in his neighborhood but does not report his income d. Robert, who works part-time at Kent's Snack Bar as he wants more time to study
Sarah has just deposited $1,000 in her checking account. She knows that the bank will keep part of these funds on hand and loan out the rest. This is an example of
A. fractional reserve banking. B. a sweep account. C. the Federal Reserve System. D. excess reserves.