Are comic books money?
A. Yes, because the way economists define money, basically everything is money.
B. Yes, because comic books can easily be traded for goods and services.
C. No, because money cannot be something with intrinsic value, which comic books have.
D. No, because selling a comic book takes work and provides an uncertain amount of funds.
Ans: D. No, because selling a comic book takes work and provides an uncertain amount of funds.
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In the above figure, the break-even output and price is
A) $9 and 14. B) $13 and 14. C) $11 and 16. D) $10 and 17.
Which of the following statements accurately characterizes the effects of minimum-wage laws?
a. Some workers who might have been employed at a lower wage become unemployed. b. Those workers who remain employed benefit from a higher wage. c. The effects of minimum-wage laws depend strongly on the elasticity of demand. d. All of the above accurately characterize the effects of minimum-wage laws.
A(n) ________ is represented by a rightward shift of the demand curve while a(n) ________ is represented by a movement along a given demand curve
A) increase in demand; decrease in demand B) increase in demand; increase in quantity demanded C) decrease in demand; decrease in quantity demanded D) increase in quantity demanded; increase in demand
The fact that using money avoids the double coincidence of wants necessary in a barter economy illustrates which function of money?
A) medium of exchange B) unit of account C) store of value D) source of liquidity