To the extent that the value of money is less predictable, it becomes
A. more acceptable as a store of value.
B. more acceptable as a unit of account.
C. more acceptable as a standard of deferred payment.
D. less acceptable as a medium of exchange.
Answer: D
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The law of supply implies that the supply curve is
A) flat. B) upward sloping. C) downward sloping. D) vertical.
If someone has a high willingness to take on situations with risk, he is considered:
A. low-risk. B. high-compensation. C. risk-seeking. D. risk-averse.
A firm manager predicts and reacts to the moves of the firm’s competitors within the industry. What concept is illustrated by this example?
a. perfect competition b. prisoners’ dilemma c. economies of scale d. mutual interdependence
In the Stackelberg model,
A. one firm plays a leadership role and its rivals merely react to the leader's quantity. B. each firm takes the quantities produced by its rivals as given. C. prices are higher and quantities are slightly less than we would see if the firms colluded to achieve the monopoly outcome. D. each firm takes the prices charged by its rivals as given.