Personal consumption expenditures consist of:
A. foreign plus domestic investments.
B. foreign investments in the United States.
C. household and individual purchases of services and durable and nondurable goods.
D. domestic investments.
Answer: C
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Money serves as a
A) medium of exchange, unit of account, and store of value. B) means to conduct barter transactions. C) means of payment, legal obligation, and public tax. D) means of worker exploitation and capitalist enrichment. E) means of settling debts, transaction lubricant, and private commodity.
Purchasing power parity may not hold in practice due to all of the following except
A) transportation costs. B) cross-country differences in environmental regulations. C) trade barriers like tariffs and quotas. D) the existence of non-traded goods.
Stagflation refers to a situation in which the economy is experiencing:
A. high economic growth and high inflation. B. low economic growth and high inflation. C. high economic growth and low inflation. D. low economic growth and low inflation.
If your business earns $100,000 in revenues, has explicit costs of $80,000, and implicit costs of $50,000, your economic profit is
A. -$30,000. B. $20,000. C. $30,000. D. $50,000.