If bananas were used as money, which of the following functions of money would be the hardest for bananas to satisfy?
A) unit of account
B) store of value
C) divisibility
D) medium of exchange
B
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Suppose the multiplier is 4. ceteris paribus, a change in autonomous spending will change total spending more if the aggregate supply curve is __________ than if it is __________
A) horizontal; upward sloping B) upward sloping; horizontal C) upward sloping; downward sloping D) downward sloping; upward sloping E) There is not enough information to answer the question.
Concerns about running out of oil are legitimate because the global oil supply curve has been shifting to the left for several decades.
Answer the following statement true (T) or false (F)
All of the following cost curves are U-shaped except
A) the marginal cost curve. B) the average fixed cost curve. C) the average total cost curve. D) the average variable cost curve.
An exclusive right to sell a new and useful product, process, substance, or design for a fixed period of time is called a
A) patent. B) barrier to entry. C) monopoly. D) research disincentive.