A U.S. Treasury bond is a
a. store of value and common medium of exchange.
b. store of value, but not a common medium of exchange.
c. a common medium of exchange, but not a store of value.
d. neither a store of value nor a common medium of exchange.
b
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Refer to the scenario above. What is Wendy's opportunity cost of producing one greeting card?
A) 0.25 earrings B) 0.5 earrings C) 1 earring D) 2 earrings
Which of the following is a shortcoming of GDP?
a. GDP excludes changes in inventories. b. GDP includes an estimate of illegal transactions. c. GDP excludes nonmarket transactions. d. GDP excludes business investment spending.
If the opportunity cost of producing wheat in Canada is four buffalo and the opportunity cost of producing wheat in the U.S. is two buffalo then we know that
a. Canada has both a comparative advantage and absolute advantage producing wheat b. Canada has a comparative advantage producing wheat c. the U.S. has an absolute advantage producing wheat d. the U.S. has both a comparative advantage and absolute advantage producing wheat e. the U.S. has a comparative advantage producing wheat
Consider Figure 12.3. Choosing a high price is:
A. a dominant strategy for David but not for Becky. B. a dominant strategy for Becky but not for David. C. a dominant strategy for both David and Becky. D. not a dominant strategy for either David or Becky.