When money enables us to convert excess goods into money and retain the money, it is acting as a
a. medium of exchange.
b. standard of value.
c. standard of deferred payment.
d. store of value.
d. store of value.
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An increase in income taxes ________ employment and ________ potential GDP
A) increases; increases B) increases; does not change C) decreases; decreases D) does not change; does not change E) increases; decreases
In 2013, the U.S. spending on research and development was:
a. the lowest among developed countries b. more than any other country c. more than most countries, but not China d. consistent with spending on R&D in 2012
Senator Dogood is pushing for the construction of a new military base in his state even though, from the standpoint of national security, it is clear that there are better places to locate the new military base. Economic theory would suggest that Senator Dogood is
a. acting irrationally; he must not know that the base would be better located in a different state. b. acting rationally; he realizes that constructing the base in his state will increase his chances of getting reelected. c. acting rationally if the country is currently at war but is acting irrationally if the country is not at war. d. trying to do what is best for the country.
Marginal cost pricing means that a firm charges
A. A price that is marginally lower than the average total cost of production. B. Any price as long as average total cost is greater than marginal cost. C. A price that is marginally higher than the average total cost of production. D. A price that is equal to the marginal cost of production.