Money is best defined as
A) anything that can be sold to pay for something.
B) currency.
C) anything that is backed by gold.
D) anything accepted as a means of payment.
E) anything that has value.
D
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Sadie is getting ready to go to work where she earns $70 a day as a day laborer. Her friend Caroline calls her and asks her to go swimming with sharks for the day. Sadie decides to go with her. Sadie's choice implies that her opportunity cost of working is:
A. less than $70. B. greater than $70. C. equal to $70. D. Cannot say without more information.
If utility is not maximized, then:
a. some change in consumption will increase satisfaction. b. no change in consumption will increase utility. c. only a change in income will increase utility. d. only a change in price will increase utility. e. the principle of diminishing marginal utility does not hold.
After the imposition of the quota, the numbers of TVs imported will drop by ________ units.
A. 20,000 B. 40,000 C. 100,000 D. 80,000
Which of the following is a key difference between the economic activities of government and those of private firms?
A. Private firms face the constraint of scarcity; government does not. B. Government focuses primarily on equity; private firms focus only on efficiency. C. Private economic activities create externalities; government activities do not. D. Government has the legal right to force people to do things; private firms do not.