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-medium of exchange (generally accepted by all parties as payment, and considered as both money and commodity)-unit of account (used to value goods and services)-store of value (can be saved and exchanged)

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Suppose you go shopping for a gift for a friend and also find a sweater that you want for yourself. You pay cash for the gift and write a check for the sweater. Your purchases are made with money holdings represented byA.the asset demand for money because you used money for both purchases.B.your supply of money to the economy.C.the transaction demand for money because you planned to buy the gift and the precautionary demand for money because you did not anticipate buying the sweater.D.the transaction demand for money because you paid for the gift with cash.

In a​ recession, automatic stabilizers such as the tax system work byA.increasing government spending and reducing taxes without requiring that a new policy be implemented.B.allowing Congress to implement new policies to increase government spending and reduce taxes.C.allowing Congress to implement new policies to reduce government spending and increase taxes.D.decreasing government spending and increasing taxes without requiring that a new policy be implemented.

The National Bureau of Economic Research​ (NBER), a private​ group, is responsible for declaring when recessions begin and endLOADING....The Bureau of Economic Analysis​ (BEA), part of the federal​ government, might not want to take on this responsibility. Which one of the following is the most appropriate reason for the​ BEA's refusal?A.Congress has established that its committees should be responsible for dating recessions.B.The BEA does not have as much data as the NBER.C.Because it is part of the​ government, the BEA could be pulled into politics with the dating of recessions.D.More economists work for the NBER than do for the BEA.

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