Perishable goods such as tomatoes and milk are never used as a form of money, primarily because they cannot function as:
a. a store of purchasing power.
b. a means of payment.
c. a standard of deferred payment.
d. a medium of exchange.
e. a unit of account.
a
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The dollar will appreciate if interest rates fall in the United States.
Answer the following statement true (T) or false (F)
Because of hurricanes in Florida, the supply of oranges has substantially decreased. This statement indicates that:
A. the demand for oranges will necessarily rise. B. the equilibrium quantity of oranges will rise. C. the price of oranges will fall. D. the amount of oranges that will be available at various prices has declined.
Which of the following describes the substitution effect of a price change?
A) The change in quantity demanded of a good that results from the change in the price of a substitute for the good. B) The change in demand that results from a change in price, making the good more or less expensive relative to other goods, holding constant the effect of the price change on consumer purchasing power. C) The change in quantity demanded of a good that results from the effect of a change in price on consumer purchasing power, holding everything else constant. D) The change in quantity demanded of a good that results from a change in price, making the good more or less expensive relative to other goods, holding constant the effect of the price change on consumer purchasing power.
Flat tax
A. is same tax rate to everyone. B. is same tax rate to each component of income. C. allows a tax base with no deductions with a few exemptions and expenses. D. is same tax rate to everyone and to each component of income only. E. all of these answer options are correct.