A property of an asset that makes it desirable for use as a means of settling debts maturing in the future is a(n)
A) medium of exchange.
B) unit of accounting.
C) store of value.
D) standard of deferred payment.
D
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Which statement best describes U.S. tariff history between 1800 and 1940?
A) Tariffs were relatively high throughout, especially during wars, with peaks in 1828 and 1930. B) Tariffs were relatively low throughout, especially during wartime. C) Tariffs were relatively high throughout, especially during wars, with lows in 1828 and 1930. D) None of the above.
If the U.S. government imposed a tariff on imported steel, it would be expected that
A. the quantity of steel used in the United States would decrease. B. the quantity of steel imported would be reduced. C. the price of steel would rise. D. All of the choices are true.
The birth rate in most LDCs is
A. lower than that of most industrial countries. B. the same as most industrial countries. C. much higher than that of most industrial countries.
Consider a competitive industry and a price-taking firm that produces in that industry. The market demand and supply functions are estimated to be: Demand: Qd = 10,000 ? 10,000P + 1.0MSupply: Qs = 80,000 + 10,000P ? 4,000PIwhere Q is quantity, P is the price of the product, M is income, and PI is the input price. The manager of the perfectly competitive firm uses time-series data to obtain the following forecasted values of M and PI for 2015:
= $50,000 and 
I = $20The manager also estimates the average variable cost function to beAVC = 3.0 ?
0.0027Q + 0.0000009Q2Total fixed costs will be $2,000 in 2015. What is the price forecast for 2015? A. $2.50 B. $3 C. $2 D. $2.75 E. none of the above