A school teacher gets paid today in money, but plans to spend the money in six months on a vacation. This illustrates which function of money?
A) medium of exchange
B) store of value
C) standard of value
D) serving as a commodity
B
Economics
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Consider a firm in the short run. Average product is at its maximum when
A) average product equals marginal product and marginal product is falling. B) marginal product is maximized. C) the maximum quantity of the variable input is employed. D) diminishing returns cease to operate. E) total product is maximized.
Economics
The money price of a good is also known as its
A. absolute price. B. comparative price. C. subjective price. D. relative price.
Economics