The "yardstick" people use to post prices and record debts is called
a. a medium of exchange.
b. a unit of account.
c. a store of value.
d. liquidity.
b
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State three country characteristics that encourage and three that discourage economic integration among developing countries
What will be an ideal response?
According to Walton and Rockoff, the primary reason for the demise of the canal system was
a. excessive reliance on individual entrepreneurs so that a system of canals was never created. b. excessive government regulation that kept canal rates and profits too low. c. environmental damage from deforestation that left canals flooded at some times and dry at others. d. competition from the railroads.
Perfume industry statistics show that over the past five years, the number of bottles of perfume sold decreased by 30%, but the total dollar amount spent by consumers was unchanged. This means that
A. consumers were unresponsive to changes in price, i.e., the percentage change in quantity demanded was less than the percentage change in price. B. demand was unitary elastic. C. demand was elastic. D. demand was inelastic. E. both a and c
According to John Rawls, if people had to choose an income distribution without any knowledge of their own talents and abilities, they would likely prefer an income distribution that:
A. rewards hard work. B. rewards creativity. C. gives everyone an equal share. D. rewards innate intelligence