If you use $1,000 to purchase silver bullion, which you plan to keep in a safe, you are using money as:
A. a medium of exchange.
B. a store of value.
C. bank reserves.
D. a unit of account.
Answer: A
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Refer to Table 16-3. Suppose Julie's marginal cost of providing this service is constant at $7 and she charges $7. How many hours will be purchased and what is her total revenue?
A) 5 hours; total revenue = $35 B) 4 hours; total revenue = $28 C) 3 hours; total revenue = $21 D) 2 hours; total revenue = $14
On a production possibilities frontier, the opportunity cost of one more unit of a commodity per time period is measured by the
a. monetary price of the commodity b. amount of the other commodity that must be sacrificed c. amount of unemployed resources that must be used d. amount of satisfaction it gives consumers e. amount of tax paid to government for production, sale, and use of the commodity
Suppose that your firm's marginal cost of producing a pencil is 5 cents and the average cost of producing a pencil is 7 cents. If your firm is interested in minimizing average total costs, what should your firm do?
A. Increase production. B. Decrease production. C. Maintain production at the current level. D. Look for ways to increase fixed costs.
The exit of firms from a market, ceteris paribus,
A. Reduces the economic losses of remaining firms in the market. B. Increases the equilibrium output in the market. C. Shifts the market demand curve to the left. D. Shifts the market supply curve to the right.