When goods that have intrinsic value are used as money, if their value as money falls, the good:
A. is still useful to people for other reasons.
B. is no longer useful to people for other reasons.
C. loses its intrinsic value.
D. tends to gain in intrinsic value.
Answer: A
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Quick Buck and Pushy Sales produce and sell identical products and face zero marginal and average cost. Below is the market demand curve for their product. 
Suppose Quick Buck and Pushy Sales decide to collude and work together as a monopolist with each firm producing half the quantity demanded by the market at the monopoly price. If Quick Buck cheats by reducing its price to $1 while Pushy Sales continues to comply with the collusive agreement, then Quick Buck's economic profit will be ________.
A. $3,000 B. $6,000 C. $4,000 D. $2,000
Economic rent is the amount of money above and beyond that necessary to keep the factor of production employed where it is.
Answer the following statement true (T) or false (F)
After purchasing a coffee cup from your local gas station for $5.00, you can always refill your cup for $0.50. The sunk cost of the coffee purchased at the gas station is:
A. $0.50. B. $5.00. C. $10.00. D. $5.50.
A major U.S. motive for negotiating a free-trade agreement with Mexico was to
a. help foster the study of the Spanish language as a means to trading with all Spanish-speaking countries b. increase immigration into the United States c. gain increased access to Mexican consumers d. keep Mexico from going Communist e. achieve, ultimately, political union with Mexico