Which of the following is not a function of money?
a. Insurance against unexpected inflation.
b. Legal tender.
c. Insurance against expected inflation.
d. Unvarying unit of value.
e. None of the above is a function of money.
.E
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A potential problem arises in principal-agent relationships
a. because the agents' actions are not completely observed by the principals b. because the principals' actions are not completely observed by the agents c. because the agent's and the principals' actions are completely observed by each other d. the observability of actions is irrelevant
Suppose that a worker in Country A can make either 10 iPods or 5 tablets each year. Country A has 100 workers. Suppose a worker in Country B can make either 2 iPods or 10 tablets each year. Country B has 200 workers. Country A has the absolute advantage in the production of:
A. iPods only. B. tablets only. C. both iPods and tablets. D. neither iPods nor tablets.
Suppose there are 3 possible outcomes to a vote: A, B, and C. If voters prefer A to B, C to B, and A to C, which of the following concepts are violated?
a. Transitivity b. Median Voter Theorem c. Arrow's Impossibility Theorem d. None of the above concepts are violated
A consumer expenditure survey reports the following information on entertainment spending: 20152016 PriceQuantityPriceQuantityMovies$75$87Concerts$302$352Music$167$1510 Using 2015 as the base year, by how much does a "cost of entertainment" index increase between 2015 and 2016?
A. 8.6 percent B. 29.4 percent C. 3.9 percent D. 13.4 percent