The functions of money include
A) A store of value. B) A unit of accounting.
C) A medium of exchange. D) All of the above.
Answer: D
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The management of a rental building faces a rent control situation, where it cannot charge more than $400 a month in rent on the apartment. The management knows that the apartments are high in demand and renters would be willing to be $1000 per month for them. The management decides to only offer the furniture and apartment together for rent. This is an example of
a. Tying b. Bundling c. Exclusion d. Fraud
When the benefits of an activity are received by those who are not directly involved in it, _____
a. a negative externality exists b. the government is producing a free good c. resources are being used in their highest-valued activity d. the government has to compensate for the loss in social welfare e. a positive externality exists
A country temporarily producing a combination of 12 units of guns and 5 units of butter would be ________________ (outside/on/inside) the production possibilities curve.
If we ignore transportation costs and the price of a pair of Nike shoes in Detroit is 100 U.S. dollars what should be the price of the Nike shoes in Windsor, Canada (in Canadian dollars) if the nominal exchange rate is 1.36 Canadian dollars/1 U.S. dollar?
A. 74 B. 136 C. 100 D. 64