In performing which of its primary functions does money solve the problem of the double coincidence of wants?
A) medium of exchange
B) unit of account
C) store of value
D) barter system
E) money supply
A
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Heidi quit her job as a chef making $40,000 per year to start her own restaurant. The first year, Heidi's restaurant earned $100,000 in revenue. Heidi pays $50,000 per year in wages to the waitresses and hostess and $20,000 per year to buy food
What is Heidi's profit as measured by an accountant for the year? A) $80,000 B) $50,000 C) $30,000 D) -$10,000
When workers are paid a wage that is less than their contribution to a monopsonist's revenues
A) this is sometimes referred to monopsonistic exploitation. B) this is sometimes referred to as an incentive. C) they seek part time employment. D) they file a grievance with their union representative.
Suppose Elizabeth Gardner quit her job as a piano teacher to go into business making appetizers. Which of the following is an implicit cost for her business?
a. cost of rent b. cost of her own labor c. cost of hiring workers d. cost of insurance e. cost of raw materials
Country A and country B both increase their capital stock by one unit. Output in country A increases by 10 while output in country B increases by 8 . Other things the same, diminishing returns implies that country A is
a. richer than Country B. If Country A adds another unit of capital, output will increase by more than 10 units. b. richer than Country B. If Country A adds another unit of capital, output will increase by less than 10 units. c. poorer than Country B. If Country A adds another unit of capital, output will increase by more than 10 units. d. poorer than Country B. If Country A adds another unit of capital, output will increase by less than 10 units.