The store of value function of money refers to the ability of money to
A) facilitate the exchange of goods and services.
B) maintain its value over time.
C) express relative scarcity.
D) earn interest over time.
E) increase its value over time.
B
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Refer to the scenario above. What will be the capital stock in the economy in the current year, if the capital stock in the last year was $1,000?
A) $1,400 B) $1,200 C) $1,600 D) $1,800
If the tradeoff between the two goods is constant, the production possibilities curve is
A) a negatively-sloped straight line. B) a positively-sloped straight line. C) a negatively-sloped curve which is bowed inward. D) a negatively-sloped curve which is bowed outward.
The long-run average cost curve is the relationship between the highest attainable average total cost and output when both the plant size and labor are varied
Indicate whether the statement is true or false
According to the Laffer curve, if the economy is on the positively sloped section of the curve, then
A. a decrease in the tax rate will increase tax revenue. B. both an increase and a decrease in tax rates will increase tax revenue. C. an increase in the tax rate will increase tax revenue. D. both an increase and a decrease in tax rates will decrease tax revenues.