The idea behind money as a standard of value is that use of money allows:
a. greater efficiency in exchange
b. receipt of income to be separated from spending.
c. persons to hold spending power for some period of time.
d. prices quoted in money terms.
d
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Suppose that you consume only pizza, which costs $4 per slice, and Diet Pepsi, which costs $2 each. The table above gives your utility from consuming these two goods
If your income is $14, which of the following consumption combinations will you choose? A) 3 slices of pizza and 1 Diet Pepsi B) 2 slices of pizza and 3 Diet Pepsis C) 1 slice of pizza and 5 Diet Pepsis D) 0 slices of pizza and 7 Diet Pepsis
The biggest contribution to real U.S. GDP growth in the 1970s was due to growth in
A) total factor productivity. B) the capital stock. C) the labor force. D) both the capital stock and the labor force.
The speculative demand for money
a. varies inversely with national income b. varies directly with national income c. involves holding money for unexpected problems d. varies directly with the transactions demand for money e. varies inversely with the interest rate
Refer to the information provided in Figure 13.9 below to answer the question(s) that follow. 
Figure 13.9 Refer to Figure 13.9. If Ohio Edison is regulated to act as a perfectly competitive firm (instead of the monopoly level),
A. consumer surplus would increase by the area FGBC. B. the net social gain to society equals ACF. C. output would increase from 500 to 600 units. D. the firm will earn profits of BEC.