Which function of money allows people to specialize in areas in which they have a comparative advantage?
A. unit of accounting
B. standard of deferred payment
C. medium of exchange
D. store of value
Answer: C
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Pizza producers charge one price for a single pizza and almost give away a second one. This is an example of
A) monopoly. B) a barrier to entry. C) behavior that is not profit-maximizing. D) price discrimination. E) rent seeking.
The above figure shows the domestic market for wheat. Suppose this market is isolated from global competition. The with no government intervention, the equilibrium price is ________ and the equilibrium quantity is ________
A) $15 per ton; 100 million tons B) $14 per ton; 250 million tons C) $12 per ton; 300 million tons D) $12 per ton; 250 million tons E) $15 per ton; 400 million tons
In order to ensure consistency across goods and services, elasticities should always be calculated based on absolute changes in quantity demanded
Indicate whether the statement is true or false
If using the same resources, the U.S. workers can produce more of any good than Mexican workers, then the United States should produce every good
a. True b. False Indicate whether the statement is true or false