In order for something to function as money, it must act as a
What will be an ideal response?
medium of exchange
unit of account
store of value
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The hypothesis that people use all available information to predict the future is known as:
a. rational expectations. b. adaptive expectations. c. lagged expectations. d. trend expectations.
Which of the following is a positive question?
A. Is society better off if we restrict trade with other countries? B. Should we increase taxes on the rich or the middle class? C. Will an increase in the minimum wage cause more unemployment for teenagers? D. Should the government provide health care?
An industry comprised of four firms, each with about 25 percent of the total market for a product, is an example of:
A. monopolistic competition. B. oligopoly. C. pure monopoly. D. pure competition.
Given a downward-sloping linear demand curve, if total revenue decreases as quantity rises, marginal revenue must be:
A. Positive and demand is elastic B. Negative and demand is elastic C. Positive and demand is inelastic D. Negative and demand is inelastic