The fact that using money avoids the double coincidence of wants necessary in a barter economy illustrates which function of money?
A) medium of exchange
B) unit of account
C) store of value
D) source of liquidity
A
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Which of the following observations is true? a. Sunk costs are irrelevant for any future action
b. Sunk costs should not be ignored when making decisions. c. Sunk costs are often hidden. d. Sunk costs can be recovered using corrective measures.
A perfectly price-discriminating monopolist:
A. increases both consumer surplus and producer surplus. B. reduces or eliminates the welfare loss from monopoly. C. creates more consumer surplus for the consumer. D. increases the welfare loss from monopoly.
The labor pool effect of globalization has which of the following effects?
A. The supply of labor for many kinds of work increases, pushing the equilibrium wage down. B. The overall number of workers employed falls. C. The labor force participation rate declines. D. The demand for labor for many kinds of work increases, pushing the equilibrium wage up.
An increase in demand for a product will cause the price of the product to rise and supply of the product to increase.
Answer the following statement true (T) or false (F)