Which of the following is both a store of value and a common medium of exchange?
a. corporate bonds
b. mutual funds
c. checking account balances
d. All of the above are correct.
c
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The increase in the demand for widgets, shown in the figure above, is the result of an increase in people's incomes from $28,500 per year to $31,500 per year. Therefore, the income elasticity of demand for widgets is
A) 0.25. B) 0.75. C) 1.33. D) 4.00.
Refer to Figure 11-3. Which of the following would cause an economy to move from a point like A in the figure above to a point like B?
A) a technological regression B) a decrease in capital per hour worked C) an increase in capital per hour worked D) an improvement in technology
Other things the same, when an economy increases its saving rate
a. consumption and production rise now. b. consumption rises now and production rises later c. consumption falls now and production rises later. d. consumption falls now and production falls later.
Suppose an oil cartel has an agreement to restrict members' production in order to maintain a price of $30 per barrel. A single cartel member may want to cheat and exceed its quota so that it can:
A. reduce its costs. B. charge higher prices. C. make demand more inelastic. D. earn a bigger profit.