Which of the following items serve as a store of value?
I. cash in your pocket
II. the balance in your checking account
III. an original Picasso painting
IV. a $1,000 corporate bond
A) I and II
B) I, II, and III
C) I, II, and IV
D) I, II, III, and IV
Ans: D) I, II, III, and IV
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Which of the following items is counted as part of government purchases?
a. The federal government pays the salary of a Navy officer. b. The state of Nevada pays a private firm to repair a Nevada state highway. c. The city of Las Vegas, Nevada pays a private firm to collect garbage in that city. d. All of the above are correct.
What happens in a duopoly if both firms try to act as the Stackelberg leader?
What will be an ideal response?
The quantity where TR-TC is the greatest is also the quantity where
A. MC=MR. B. TR is maximized. C. TC=TR. D. TC is minimized.
If one person's enjoyment of the benefits of a good does not interfere with another's consumption of it, the good is
A. nonexcludable. B. nonrival in consumption. C. excludable. D. rival in consumption.