Which of the following is not one of the three purposes served by money?
A. Serving as a store of value
B. Providing a standard of value
C. Providing a means for regulators to track economic activity
D. Serving as a medium of exchange
Answer: C
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Which of the following accounts for approximately three-fourths of all welfare spending?
a. the school lunch program b. the earned income tax credit c. unemployment compensation and workers' compensation combined d. "in-kind" transfers e. cash transfers
The behavior of historical cost curves says nothing about the cost advantages or disadvantages of a single large firm
a. True b. False Indicate whether the statement is true or false
The U.S. national debt at the end of fiscal year 2014 was almost
a. $13.5 trillion. b. $9.0 trillion. c. $18 trillion. d. $1.3 trillion.
For a perfectly or purely competitive firm, profit maximization occurs at an output level where
A. P = MC. B. P = AVC. C. P < AVC. D. MC = ATC.