The medium of exchange is defined as
A) an object that is accepted in return for goods and services.
B) the exchange of goods and services directly for goods and services.
C) an item that can be stored and hold its value over time.
D) credit cards.
E) barter.
A
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If you exhibit the endowment effect as a decision maker, then you are
A) consuming based on celebrity endorsements. B) deciding on the basis of sunk costs. C) buying something you can't really afford because you expect to save in the future. D) ignoring non-monetary opportunity costs.
Other things the same, an increase in the price level makes the dollars people hold worth
a. more, so they are willing to spend more. b. more, so they are willing to spend less. c. less, so they are willing to spend more. d. less, so they are willing to spend less.
The vertical distance between the average total cost and average variable cost curves falls as output rises.
Answer the following statement true (T) or false (F)
Traveling sales representative Harold Hill only calls on clients four days a week rather than the five days expected by his employer. This is an example of:
A. equalizing differences. B. a nonmonetary job disadvantage. C. shirking. D. the free-rider problem.