Which of the following is a function of money?
(a) Unit of Account.
(b) Store of Value.
(c) Standard of Deferred Payment.
(d) All of the above
Answer: (d) All of the abov
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Refer to the table below. What is the profit-maximizing number of resort units for Gorgeous Sands Resort during the peak period?
The table above summarizes Gorgeous Sands Resort's marginal capacity cost, marginal operating cost, peak marginal revenue, off-peak marginal revenue, and its peak and off-peak demand for its resort units.
A) 350
B) 300
C) 250
D) 200
Double-entry bookkeeping implies that:
A. aggregate income net of profits is less than the value of final output because profit can add or take away from final output. B. profits fill the gap between the sum of employee compensation, rents and interest on the one hand and the value of final output on the other hand. C. profits cannot be negative because profit equals the value of final output less costs. D. aggregate income net of profits is greater than the value of final output because profit can add or take away from final output.
The following data show the relationship between output, total costs, and total revenue for a pure monopoly.OutputTCTR50$750$1,000608001,100709501,250801,2001,450901,3001,500Within which of the following output ranges does the firm earn maximum economic profits?
A. 50 to 60 units B. 80 to 90 units C. 70 to 80 units D. 60 to 70 units
All of the following push a country inside its production possibilities curve except
A. A sudden burst of inflation that has not been anticipated. B. The withholding of resources from the production process because of speculation. C. A sudden burst of deflation that has not been anticipated. D. An increase in labor force participation.