Which of the following is an example of money serving as a medium of exchange?
a. John buys a cup of coffee and a roll at the faculty dining room.
b. Steve puts a five-dollar bill in his money belt
c. Scott deposits cash into a savings account.
d. Roland puts his coins into a piggy bank.
a
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External economies of scale will ________ average cost when output is ________ by ________
A) reduce; increased; the industry B) reduce; increased; a firm C) increase; increased; a firm D) increase; increased; the industry E) reduce; reduce; the industry
In the process described as Schumpeterian economic growth (involving Schumpeter's ideas about growth),
(a) recessions are the object of countercyclical policy designed to minimize the waste of unemployed labor and other resources. (b) expansions are considered wasteful because of the tendency for inflation to be generated near the cyclical peaks. (c) recessions are considered to be useful cleansing devices for abandoning inefficient uses of economic resources. (d) depressions are considered to be necessary to maintain greater equality of wealth and income over time.
Which of the following statements would come from someone classified as unemployed?
a. I'm not working because I'm going to Jamaica with my buddy. b. I haven't had a job in a year, and I stopped looking for a job nine months ago. c. I'm a full-time student at the University of Illinois who doesn't have time to work. d. I can't stand my current job as a telemarketer. I used to be a nuclear engineer. e. I'm not working. I had three interviews this week, and I'm trying to find a job.
Suppose for some firm that average total cost is minimized at Q1 units of output. For a monopolistically competitive firm in long-run equilibrium, Q1
a. is also the level of output at which marginal cost equals average total cost. b. exceeds the level of output at which there is a point of tangency between the demand curve and the average total cost curve. c. exceeds the level of output at which marginal revenue equals marginal cost. d. All of the above are correct.