Figure 7.6 shows prices, demands, and cost data for the only restaurant in a small town. What is its profit from senior customers under the senior discount policy of a $7 senior price and a $10 non-senior price?
A. $1,200
B. $1,500
C. $2,280
D. $2,560
Answer: B
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The function of money that enables individuals to exchange goods and services in a common unit of account is called:
A) medium of exchange. B) store of value. C) unit of account. D) measure of power.
When actual real GDP output is below full-employment real GDP, the GDP measures the cost of cyclical unemployment
a. True b. False Indicate whether the statement is true or false
The major factor distinguishing M1 from M2 is:
a. Legal tender status. b. Liquidity. c. Whether or not the financial asset is backed by gold, silver, or some other precious metal. d. Whether or not the financial asset can be turned into a precious metal quickly and without substantial loss of value. e. All of the above are important distinguishing factors.
Which of the following statements is true?
A. Discrimination against women and blacks reduces the demand for these workers resulting in lower wages paid these workers. B. Discrimination is no longer a problem in the United States. C. A negative income tax system is a plan where everyone pays the same percentage of their income as taxes. D. A negative income tax system is a plan where those below a certain income receive a cash payment from government.