Jim is haggling with a car dealer over the sale price of a used car. When he entered the store, the storekeeper was already haggling with the other customer. His bargaining position could get worse if

Which of the following is a function of money?

a. a unit of account b. a store of value c. medium of exchange d. All of the above are correct.

Recall the Application about the lack of property rights in Peru, and why clear property rights are important for economic growth in developing countries, to answer the following question(s). According to this Application, in Peru, producing palm oil is very profitable but is a time-consuming process. Producing coca paste, an ingredient in cocaine, is not as costly or as time consuming as the production of palm oil. To switch Peruvian farmers from producing an ingredient used for cocaine to producing the profitable and safe palm oil would require:

A. informal ownership of property. B. cocaine being declared illegal in Peru. C. improvements in finance and the ability to borrow funds. D. governmental approval.