The statement that ABC Co.'s profits totaled $500 million last year represents the use of money as a:
A. medium of exchange.
B. store of value.
C. unit of account.
D. means of coincidence.
Answer: C
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Refer to Figure 4.2. The dominant strategy for Ferris is to
A) go to the movie theater. B) go to the bowling alley. C) go to either the movie theater or to the bowling alley. D) Ferris does not have a dominant strategy.
The basic difference between a public bureau and a market firm is that the bureau
a. has an incentive to maximize profits b. has no incentive to minimize costs c. managers do not attempt to maximize their self interest d. managers are more likely to be concerned with the public interest than their own self interest e. faces a budget constraint placed up it by the voters
Why do Federal Reserve Board of Governors have long (14 year) terms?
According to the rational choice model, cash grants are preferred to food stamps because
A. food is the most essential commodity. B. they enhance consumer choice. C. cash grants allow consumers to reach lower indifference curves. D. food would be cheaper to buy with cash.