If you write a check on a bank to purchase a used Honda Civic, you are using money primarily as:
A. an economic investment.
B. a medium of exchange.
C. a unit of account.
D. a store of value.
Answer: B
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Refer to Figure 4-6. What area represents consumer surplus at P2?
A) B + C B) A C) A + B D) A + B + D + E
Discuss the three fundamental economic questions that all nations must address
As extraction of a nonrenewable resource increases, the supply curve shifts up because:
a. more substitutes become available. b. competition among the existing suppliers intensifies. c. the marginal cost of extracting any given amount increases. d. the resource finds alternative usage. e. the resource becomes less productive.
For a perfectly competitive firm, when P = MC = ATC, the most profit the firm can earn is zero.
Answer the following statement true (T) or false (F)