Podcast
Questions and Answers
According to Louis O. Kelso, money is not a physical factor of production, but rather a ________ for measuring economic input, economic outtake, and the relative values of the real goods and services of the economic world.
According to Louis O. Kelso, money is not a physical factor of production, but rather a ________ for measuring economic input, economic outtake, and the relative values of the real goods and services of the economic world.
- commodity
- currency
- medium of exchange
- yardstick (correct)
Money provides a method of measuring ________, ________, ________, and ________.
Money provides a method of measuring ________, ________, ________, and ________.
- wages, salaries, profits, and losses
- supply, demand, production, and consumption
- obligations, rights, powers, and privileges (correct)
- wealth, income, expenses, and savings
Money is a system of ________ whereby certain individuals can accumulate claims against others, or against the economy as a whole, or against many economies.
Money is a system of ________ whereby certain individuals can accumulate claims against others, or against the economy as a whole, or against many economies.
- exchange rates
- barter
- debt
- credit (correct)
What is necessary for balanced growth in a market economy?
What is necessary for balanced growth in a market economy?
What is the challenge presented in the paper?
What is the challenge presented in the paper?
What is the ultimate aim of the paper?
What is the ultimate aim of the paper?
Money is considered a 'social good' because it is:
Money is considered a 'social good' because it is:
How can money be used unjustly?
How can money be used unjustly?
What is the classic definition of inflation according to the text?
What is the classic definition of inflation according to the text?
How would the proposed model of development control prices, wages, and interest rates?
How would the proposed model of development control prices, wages, and interest rates?
