Money's use in non-barter transactions relates to its role as a
A. store of value.
B. medium of exchange.
C. standard of deferred payment.
D. unit of accounting.
Answer: B
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If the production possibilities frontier is ________, then opportunity costs are constant as more of one good is produced
A) bowed out B) linear C) bowed in D) non-linear
The fact that a gallon of gasoline commands a higher market price than a gallon of water indicates that:
a. gasoline is an economic good but water is not. b. the marginal utility of gasoline is greater than the marginal utility of a gallon of water. c. the average utility of a gallon of gasoline is greater than the average utility of a gallon of water. d. the total utility of gasoline exceeds the total utility of water.
According to the law of supply:
a. producers are willing to supply larger amounts of a good as its price increases. b. a direct relationship exists between the price of a good and the amount buyers choose to buy. c. an inverse relationship exists between the price of a good and the amount buyers wish to buy. d. an inverse relationship exists between the price of a good and the amount producers supply.
Price discrimination refers to
a. the actions of a single-price monopolist to determine the best price for its output b. selling the same product to different customers at different prices as a result of different production costs c. government regulation of public utility prices d. selling the same product to different customers at different prices for reasons unrelated to production costs e. charging a price just above average total cost in order to drive competing firms from the market