When comparing the slopes of the aggregate-demand and aggregate-supply curves to the slopes of demand and supply curves for specific goods and services, the explanations are
a) the same for all the curves.
b) quite different for the aggregate curves from the specific market curves.
c) the same for the demand curves but not the supply curves.
d) the same for the supply curves but not the demand curves.
Answer: b) quite different for the aggregate curves from the specific market curves.
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How does money function as a unit of account? a. Money has intrinsic worth as a commodity
b. Money is convertible into commodities that have intrinsic worth. c. The prices of all goods and services are measured in terms of money. d. Things that function as money can do so because people know there is a standard of value that ultimately backs the money even if it is only faith. e. Bank accounts make it easy for people to store their wealth.
Which type of money has the lowest opportunity cost?
a. Silver coins b. Gold coins c. Commodity money d. Diamonds e. Fiat money