Raphael wants to purchase a new computer and go to the Caribbean for spring break. The computer is priced at $1,299, and the vacation is priced at $750. He has only $1,537 in his checking account, so he cannot afford to purchase both. After much thought, Raphael buys the computer and writes a check for $1,299.

Identify what role money plays in each of the following parts of the story.

Role of Money Medium of Exchange Unit of Account Store of Value

Jake can easily determine that the price of the computer is more than the price of the vacation.
Jake has $1,574 in his checking account.
Jake writes a check for $1,299.

Label each of the following statements true, false, or uncertain. explain your choice carefully. a. workers benefit equally from the process of creative destruction. b. in the past two decades, the real wages of low-skill u. s. workers have declined relative to the real wages of high-skill workers. c. technological progress leads to a decrease in employment if, and only if, the increase in output is smaller than the increase in productivity. d. the apparent decrease in the natural rate of unemployment in the united states in the second-half of the 1990s can be explained by the fact that productivity growth was unexpectedly high during that period.