Money serves as a standard of value, which is another way of saying that money functions as
A) a unit of accounting. B) a medium of exchange.
C) an opportunity cost of investment. D) standard of deferred payment.
A
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What is the current equilibrium price level and real GDP for the economy illustrated in the figure above? Does this economy have an inflationary gap, a recessionary gap, or neither?
As it adjusts toward full employment, which curve shifts? What is the equilibrium real GDP and price level that the economy will ultimately reach?
In the long run, economic profit for a monopolistically competitive firm
a. is zero, due to the lack of barriers to entry b. is zero, due to product differentiation c. may be positive, due to strong barriers to entry d. may be positive, due to product differentiation e. may be positive, due to advertising and product promotion
Which of the following suggests that the "laws" of supply and demand are being disobeyed?
a. outside forces disturbing an equilibrium b. persistent shortages or surpluses c. the market never moving from an equilibrium d. "other things" not always being equal
Which of the following is true?
a. Employers who discriminate against blacks and other minorities will have lower costs than rival firms that hire employees strictly on the basis of merit (productivity). b. After adjusting for factors such as education, experience, and location, the earnings of black men are almost identical to the earnings of similar white men. c. If employers can hire equally productive minority employees at a lower wage than non-minorities, the profit motive provides a strong incentive to do so. d. The empirical evidence indicates that the earnings gap between whites and blacks is entirely the result of employment discrimination.