Hyperinflation:
a. Destroys the standard of deferred value and store of value functions of money but not the others.
b. Destroys the unit of account and medium of exchange functions of money but not the others.
c. Destroys the unit of account and store of value functions of money but not the others.
d. Tends to destroy none of the functions of money because a society always needs money.
e. Tends to destroy all the functions of money.
.E
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A rent ceiling below the equilibrium rent will create
A) a more efficient allocation of housing. B) a larger number of apartments rented. C) no change in the number of apartments rented. D) increased search time and black markets.
Price elasticity of demand is a numerical measure of how much quantity demanded rises as price falls or quantity demanded falls as price rises.
Answer the following statement true (T) or false (F)
If a country is producing at point where an increase in the production of one good requires a reduction in the production of another good, then it must be producing at an:
A. efficient point. B. undesirable point. C. unattainable point. D. inefficient point.
If external benefits exist:
A.) The market will overproduce the good. B.) Private demand will exceed social demand. C.) Market demand will understate social demand. D.) The market will generate the optimal outcome.