What primary function is money serving when you keep it in a bank account until you need it to purchase a product?
A. A double coincidence of wants.
B. A medium of exchange.
C. A unit of account.
D. A store of value.
Answer: D
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The equilibrium quantity in the above figure is
A) 200 units. B) 300 units. C) 400 units. D) 600 units.
If Big Fitness, a large workout facility, offers a discounted membership to college students, this is an example of ________.
A) zero-degree price discrimination B) first-degree price discrimination C) second-degree price discrimination D) third-degree price discrimination
In the simple Keynesian model, if aggregate expenditures exceed current output, inventories will ____ and businesses will ____ output.
a. decrease; increase b. decrease; decrease c. decrease; not change d. increase; decrease
If a potato farmer increases output and finds that total revenue increased less than total cost, then you know for sure that
a. profit had been maximized b. the farmer should not have increased output c. the farmer should produce even more output d. the farmer suffers a loss e. the farmer should have decreased output, not increased it