Which of the following is NOT one of the functions of money?
A. store of value
B. protection from increases in prices of goods and services
C. unit of accounting
D. medium of exchange
Answer: B
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The above figure shows the market for anti-freeze. The government imposes the sales tax shown in the figure on sellers. How much tax revenue does the government raise from this tax?
A) $2,000 B) $3,000 C) $4,000 D) $6,000
A supply curve that is parallel to the quantity axis is
A) perfectly elastic. B) perfectly inelastic. C) relatively inelastic. D) unitary elastic.
The shape of the average total cost curve is determined by the shape of
A) the firm's production function. B) the average fixed cost curve. C) the marginal cost curve. D) the average product curve.
One of the strongest reasons that oligopolies exist is due to
A) the homogeneity of their products. B) marginal cost pricing. C) lowest cost production. D) economies of scale.