If Alyssa buys a cup of chai at Starbucks, her money serves as a
A. unit of accounting.
B. standard of deferred payment.
C. store of value.
D. medium of exchange.
Answer: D
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Refer to Figure 24-2. Ceteris paribus, an increase in the expected price of an important natural resource would be represented by a movement from
A) SRAS1 to SRAS2. B) SRAS2 to SRAS1. C) point A to point B. D) point B to point A.
Assuming that pollution cannot be removed from the environment at zero cost, the optimal level of pollution
A) will be zero. B) will be negative. C) will be positive. D) cannot be determined.
If a firm increases its output level by 50 percent and, as a result, long-run total cost rises by 40 percent, the firm is experiencing
a. diseconomies of scale b. constant returns to scale c. economies of scale d. increasing marginal returns e. diminishing marginal returns
The purpose of the World Trade Organization (WTO) is to
A. Protect workers from foreign competition. B. Protect producers from foreign competition. C. Ensure that there are no losers as a result of free trade. D. Enforce the rules of free trade.