Which of the following is NOT one of the functions of money?
A) protection from increases in prices of goods and services
B) store of value
C) medium of exchange
D) unit of accounting
A
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Answer the next question on the basis of the following production possibilities tables for two countries, Latalia and Trombonia:Latalia's Production Possibilities ABCDEPork (tons)43210Beans (tons)05101520Trombonia's Production Possibilities ABCDEPork (tons)86420Beans (tons)06121824If these two nations specialize on the basis of comparative advantage
A. Trombonia will produce beans and Latalia will produce pork. B. Latalia will produce beans and Trombonia will produce pork. C. Trombonia will produce both beans and pork. D. Latalia will produce both beans and pork and Trombonia will produce neither.
Measuring the rate of inflation is primarily a concern of:
a. positive economics b. normative economics. c. microeconomics. d. macroeconomics.
Which of the following would best encourage investment in human capital?
a. Higher marginal tax rates on labor income b. Higher interest rates c. Expansion of college loan programs d. A decrease in the wage gap between high school and college-educated workers e. A reduction in life expectancy that encourages earlier retirement
Shelly purchases a leather purse for $400. One can infer that:
A. her reservation price was at least $400. B. her reservation price was exactly $400. C. she paid too much. D. her reservation price was less than $400.