Money is any item that
A) serves as a medium of exchange for goods and services.
B) can be converted into silver with relatively little loss in value.
C) can be converted into gold with relatively little loss in value.
D) facilitates a connecting link between credit instruments and debt instruments.
Ans: A) serves as a medium of exchange for goods and services.
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Suppose a U.S. citizen purchases a one-year Norwegian bond that yields 10 percent interest. Between the purchase date and the maturity date, the exchange rate changes from to How much was initially invested in the bond if the dollar value of the proceeds at maturity is $3,500? (roundoff up to the nearest whole number)
a. $2,916 b. $3,150 c. $3,500 d. $3,850 e. $4,200
The value of output was $1,000 billion in Northland and $2,000 billion in Southland. The population of Northland was 50 million and the population of Southland was 120 million. There were 30 million employed workers in Northland and 75 million employed workers in Southland. Average labor productivity was higher in ________ and the standard of living was ________.
A. Southland; the same in both countries B. Northland; higher in Northland C. Northland; the same in both countries D. Southland; higher in Southland