Which one of the following is not a function of money?
A. open market operation
B. store of value
C. medium of exchange
D. unit of account
Ans: A. open market operation
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When the demand and supply of grapes both decrease at the same time, we can safely predict that the: a. price of grapes will fall
b. price of grapes will rise. c. quantity of grapes exchanged will fall. d. quantity of grapes exchanged will rise.
A productivity decrease would be illustrated by a shift in the production function
a. downward. b. leftward. c. upward. d. rightward.
When prices at Wendy's rise, more consumers buy their meals at McDonald's and fewer consumers buy their meals at Wendy's. This is an example of
A) commodity substitution. B) outlet substitution. C) consumers' action to boycott Wendy's. D) both A and B. E) both B and C.
Table 1.1 Shows the hypothetical trade-off between different combinations of Stealth bombers and B-1 bombers that might be produced in a year with the limited U.S. capacity, ceteris paribus.Table 1.1 Production Possibilities for Bombers Combination Number of B-1 Bombers Opportunity cost (Foregone Stealth) Number of Stealth Bombers Opportunity cost (Foregone B-1) S0NA10 T1 9 U2 7 V3 4NAThe highest opportunity cost in Table 1.1 for B-1 bombers in terms of Stealth bombers is
A. 0.5 Stealth bomber per B-1 bomber. B. 2 Stealth bombers per B-1 bomber. C. 1 Stealth bomber per B-1 bomber. D. 3 Stealth bombers per B-1 bomber.