If you shop for a car online and compare car prices across dealerships, money is functioning as a
A) means of payment.
B) medium of exchange.
C) barter mechanism.
D) store of value.
E) unit of account.
E
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The policy of running deficits and only gradually increasing taxes later to service the debt is referred to as
A) tax-smoothing. B) Ricardian equivalence. C) generational accounting. D) crowding out.
When there is no Ricardo-Barro effect, a government budget surplus ________ the real interest rate because the ________ loanable funds increases
A) lowers; supply of B) lowers; demand for C) raises; supply of D) raises; demand for E) None of the above answers is correct because the real interest rate does not change.
For an impure consumption good the maximum output is determined where_____
a. price equals marginal cost b. marginal cost equals the vertical summation of all individual demand curves c. price equals long run average total cost d. marginal cost equals the horizontal summation of all individual demand curves
Price discrimination requires ______.
a. different demand curves for different markets b. identical demand curves for different markets c. inelastic customer demand d. a single market for a product