An increase in price for an output good decreases the quantity demanded for input factors.
Answer the following statement true (T) or false (F)
False
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In most state-run lotteries,
a. the winner receives a single lump-sum payment b. the present value of the winnings is less than the number of dollars won c. the present value of the winnings exceeds the number of dollars won d. winners are paid the present value of the total amount won e. winners are paid only in the distant future
You saved $500 in currency in your piggy bank to purchase a new laptop. The $500 you kept in your piggy bank illustrates money's function as a _______. The laptop's price is posted as $500 . The $500 price illustrates money's function as a _____. You use the $500 to purchase the laptop. This transaction illustrates money's function as a ______
a. store of value, medium of exchange, unit of account b. store of value, unit of account, medium of exchange c. medium of exchange, unit of account, store of value d. medium of exchange, store of value, unit of account
The aggregate supply curve is positively sloped because as the price level increases:
A. Profit margins increase in the short run. B. Costs of production decline in the short run. C. The purchasing power of money increases. D. The cost of borrowing declines.
Refer to the information provided in Figure 6.2 below to answer the question(s) that follow.
Figure 6.2Refer to Figure 6.2. Mr. Lingle?s budget constraint is AC. Point D is
A. in Mr. Lingle's opportunity set but is not on his budget constraint. B. an available option and Mr. Lingle does not spend all of his income. C. an available option and Mr. Lingle exactly spends all of his income. D. not available because it represents a combination of gardenburgers and beer that Mr. Lingle cannot purchase with his current income.