The price tag on a pair of Nike shoes illustrates how money performs the function of a
A) standard of deferred payment. B) store of value.
C) unit of accounting. D) medium of exchange.
C
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If you worked 35 hours a week at a minimum wage job you could ________ a family of four above the poverty line.
A. easily keep B. barely keep C. not come close to keeping
Suppose that a vaccine is developed for a highly contagious strain of flu. The likelihood that anyone will get this flu decreases as more people receive the vaccine. One of the demand curves below represents the private demand for the vaccine and the other represents the social demand for the vaccine.
At the private market equilibrium, the price of each dose is:
A. $70. B. $80. C. $50. D. $60.
From 2007 to 2012, the U.S. personal savings rate rose. If the additional savings were not translated into investment, Keynes would predict that aggregate income would:
A. decline and remain there. B. rise and remain there. C. rise indefinitely. D. accelerate.
The model of perfect competition and the model of monopolistic competition differ in that
A. perfect competition assumes firms make zero profits in the long run and monopolistic competition assumes firms make positive profits. B. perfect competition assumes many buyers and sellers while monopolistic competition assumes many buyers but few sellers. C. perfect competition assumes the product is homogeneous and monopolistic competition assumes the product is differentiated. D. perfect competition assumes easy entry of new firms while there are more significant barriers to entry in monopolistic competition.