When a baker exchanges a pie for dollars, this is an example of dollars serving as:
A. a unit of account.
B. a store of value.
C. barter.
D. a medium of exchange.
Answer: D
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In the simplest version of the Cournot model, we assume
A) the firms set price independently and simultaneously. B) the firms set price independently and sequentially. C) that the firms have identical costs. D) the firms are in a Nash equilibrium.
International trade can be correctly considered as an example of a zero-sum game.
Answer the following statement true (T) or false (F)
Supply-side economists:
A. saw influence beyond in both the Bush and Clinton administrations. B. disagreed with economist Arthur Laffer's views on taxes. C. were influential in President Reagan's decision to change the tax structure. D. believe that government regulations do not reduce productivity and undermine industrial efficiency.
Use the following graph for a competitive market to answer the question below.
Assume the government imposes a $3 tax on buyers, which results in a shift of the demand curve from D1 to D2. The price the consumer pays for the product after the tax is imposed on the buyer is
A. $7. B. $3. C. $8. D. $5.