What are the two features of money that distinguish it from all other goods in the economy?
A) Money is government issued and it is redeemable for gold or silver.
B) Money is accepted as a medium of exchange and it is the common unit of account used to express prices.
C) Money is part of every barter transaction and it is divisible.
D) Money is a common unit of account and it is also can be traded for other currencies at a guaranteed exchange rate.
Question 2
If the demand for a product falls and the supply stays the same
A) the market clearing price will fall and the equilibrium quantity will rise.
B) the market clearing price will rise and the equilibrium quantity will fall.
C) both the market clearing price and the equilibrium quantity will fall.
D) both the market clearing price and the equilibrium quantity will rise.
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