When you join the local organic food market and then buy produce each month, money is used as
A) only a store of value.
B) only a unit of account.
C) a medium of exchange and a store of value.
D) a medium of exchange and a unit of account.
E) a store of value and a unit of account.
D
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A shift in the demand curve for a monopolist can cause
a. both price and quantity to change. b. price to stay constant while the quantity changes. c. quantity to stay constant while the price changes d. All of the above are correct.
When the housing bubble popped, the effect of the negative demand side shock and the negative supply side shock were the same on:
A. output, causing it to definitely decrease. B. prices, causing them to definitely rise. C. output, causing it to definitely increase. D. prices, causing them to definitely fall.
Near an ocean beach, a high-rise building is being constructed that will block the scenic view of the ocean by the residents of a low-rise building. The Coase theorem suggests that this type of dispute between the owners of high-rise and low-rise
buildings: A. Can be resolved by the owners themselves through individual bargaining B. Has to be resolved by city government officials C. Can only be resolved by a zoning ordinance restricting high-rise buildings D. Should be resolved by a government fine for the builder of the high-rise
Efficiency occurs when
A. unemployment is low and prices are stable. B. the economy has a fair and just distribution of income. C. all markets are in equilibrium. D. the economy is producing what people want at least possible cost.