Among potential stores of value, money
A) offers the highest rate of return.
B) increases in value during periods of inflation.
C) has the advantage of being the most liquid asset.
D) provides more services than the other assets.
Answer: C
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Credit card companies that operate as intermediary firms between credit card holders and business vendors are best described as
A) platforms in a shared-input market. B) end users in a shared-input market. C) platforms in a transaction-based market. D) end users in a transaction-based market.
A utility-maximizing consumer equalizes marginal utilities across all goods
a. True b. False
Refer to the following graph.
This set of cost curves is:
A. correct. B. wrong because the average fixed cost curve is drawn incorrectly. C. wrong because the average fixed cost curve is shown to be below the average variable cost. D. wrong because the average total cost and the marginal cost curves are reversed.
In a typical year, which of the following measures of aggregate output and income is likely to be the smallest?
A. Gross domestic product. B. National income. C. Disposable income. D. Personal income.