Keeping a $20 bill in your purse to purchase a movie DVD when it comes out next month means that money functions as a
A) medium of exchange.
B) unit of account.
C) standard of deferred payment.
D) store of value.
Ans: D) store of value.
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Based on the table below, at what world price would the country import the good?
Price Q Demanded Q Supplied 2 100 70 4 95 75 6 90 80 8 85 85 10 80 90 12 75 95 A) a price below $8 B) at exactly $8 C) a price above $8 D) It is impossible to say.
For China
A) there was a long period of success with the economic results of communism so it was hard to change policies. B) reform of its economic system was rapid, with a quick dismantling of most of the controls exercised by the state and party over the economic system, but not the political system. C) economic reforms were intended to create more wealth to distribute, not do undo the communist party. D) there are no longer state owned enterprises.
Firms must prevent resale between segments using a variety of:
a. fences b. bridges c. tunnels d. none of the above
If a ton of steel sells for $15,000 and a car made from a ton of steel sells for $30,000, then if all markets are perfectly competitive, how many cars can be made from the last ton of steel used by a profit-maximizing firm?
A. 1/3 car B. 1/2 car C. 1 car D. 1.5 cars