Which of the following weakens government control in the marketplace?
(A) Predatory pricing.
(B) Deregulation.
(C) Regulation of businesses.
(D) Antitrust legislation.
Ans: (B) Deregulation.
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Perishable goods such as milk or fruit are never used as money, because they cannot function as a
A) store of value. B) unit of accounting. C) standard of deferred payment. D) medium of exchange.
What is the value of the MPC if $66 out of every $100 increase in disposable income is consumed?
A) $34 B) 0.34 C) 0.66 D) $166 E) More information is needed to determine the MPC.
Today John says, "I will start working out tomorrow." Yet as tomorrow arrives, he doesn't. This is an example of
A) time inconsistent preferences. B) time consistent preferences. C) exponential discounting. D) future-biased preferences.
Money is valuable because it
A) is backed by gold and silver. B) is issued by credit card companies such as American Express, MasterCard, and Visa. C) reduces transaction costs. D) is backed by U.S. Treasury bonds.