In comparing money to a share of Microsoft stock held by an individual, we can say:
A. the share of stock is an asset, but money is a liability.
B. only the money is a means of payment, but both are stores of value.
C. both the Microsoft stock and the money are liabilities.
D. only the money is a means of payment, but both are units of account.
Answer: B
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Refer to Cournot Problem. In the Nash Equilibrium, each firm will receive producer surplus of
a. $300 b. $450 c. $600 d. $900
Assume that the demand curve for oranges is downward-sloping and the supply curve for oranges is upward-sloping. If the government imposes an excise tax of 10¢ per orange, then the total price (including the tax) that demanders must pay for an orange
a. remains unchanged. b. rises by less than 10¢ per orange. c. rises by exactly 10¢ per orange. d. rises by more than 10¢ per orange.
Which of the following is a tool the Federal Reserve System can use to regulate the quantity of money?
i. changing the discount rate ii. conducting open market operations iii. changing the required reserve ratio A) i only B) ii only C) i and ii D) ii and iii E) i, ii, and iii
Which of the following correctly explains the demand curve for capital?
a. upward sloping because as owners face rising marginal costs, they will increase supply b. backward bending because as the marginal cost rises, owners decrease quantity c. U-shaped because at both very high and very low levels of output, capital use is high d. downward sloping because as more is employed, the value of the marginal product falls