Dennis notices that jackets are on sale for $99. In this case money is functioning as a
A) medium of exchange.
B) unit of account.
C) store of value.
D) payments-system ruler.
B
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"Cheap foreign wages" is a poor argument for protection because it fails to recognize the importance of productivity. Which of the following does NOT contribute to increasing productivity?
A) Education and training B) Government subsidies C) Infrastructure D) Capital
Refer to Table 15.1. The primary budget deficit for Arugula in 2012 is
A) $135 million. B) $195 million. C) $380 million. D) $600 million.
Which of the following is a characteristic or focus of economics?
A) allocation of limited resources in an effort to satisfy potentially unlimited wants B) decision making C) empirical analysis D) all of the above
Consumers do NOT buy as many units of each good as they want because
A) of the law of diminishing marginal utility. B) they have limited incomes. C) they do not know what they want in all situations. D) eventually marginal utility equals zero.