Price levels rarely remain the same. This implies that money is
A. an excellent medium of exchange.
B. divisible.
C. a good medium for measuring value.
D. an imperfect medium for storing value.
Answer: D
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One reason a country does not specialize completely in production is that production of most goods involves increasing opportunity costs
Indicate whether the statement is true or false
MPP is the additional output that results from a one-unit increase in use of the input.
Answer the following statement true (T) or false (F)
Discrimination occurs when a group of people have different opportunities because of characteristics that have nothing to do with their individual abilities
a. True b. False
Suppose you own a plum (high-quality) used car that you are thinking about selling. Further, suppose you know that buyers assume that there is a 30% chance of getting a plum, and that 8 of 10 cars currently in the used car market are lemons (low-quality). Would you likely sell your car?
What will be an ideal response?