Chara pays Jim $2 and receives a cup of coffee in return. This demonstrates money’s function as a ______.
a. unit of account
b. medium of exchange
c. means of deferred payment
d. store of value
b. medium of exchange
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If the price of prime rib falls, the income effect due to the price change will cause
A) an increase in the quantity of prime rib supplied. B) an increase in the demand for prime rib. C) an increase in the demand for flank steak, a substitute for prime rib. D) an increase in the quantity of prime rib demanded.
Suppose that the consumer price index of a country was 160 at Year X and 168 at the end of Year Y. What was the country's inflation rate during Year Y?
a. 5 percent. b. 8 percent. c. 60 percent. d. 68 percent.
Which of the following would shift the long-run Phillips curve to the right?
a. expansionary fiscal policy b. an increase in the inflation rate c. increases in unemployment compensation d. None of the above is correct.
In the figure above, the wage rate is $600 and total fixed cost is $15,000. When there are 40 workers, what is average variable cost?
A. $12.00 B. $5.00 C. $6.00 D. $4.10 E. $0.23