What is the "store of value" function of money?
A. a common measurement of the relative value of different goods and services
B. the ability of money to hold value over time
C. the quality of money not to be hoarded because of its commodity value
D. the function of money to be widely accepted I exchange for goods and services
Answer: B
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Higher inflation is particularly damaging to the real value of
A) wages. B) financial assets. C) physical assets. D) government tax revenues.
Suppose all individuals are identical, and their monthly demand for Internet access from a certain leading provider can be represented as p = 5 - (1/2 )q where p is price in $ per hour and q is hours per month
The firm faces a constant marginal cost of $1. The profit maximizing two-part tariff yields results in the firm selling A) 4.5 hours. B) 10 hours. C) 5 hours. D) 8 hours.
Which of the following expresses 5.5%?
A. 0.0055 B. 0.550 C. 5.50 D. 0.0550
The marginal rate of substitution is the
A) rate at which the consumer can exchange one good for the other. B) change in the quantity of one good that just offsets a one-unit change in the consumption of another good such that the total satisfaction remains constant. C) change in the quantity of one good that changes the utility received by one unit. D) same thing as the marginal utility of a good.