Technology is a demand shifter.
a. true
b. false
Ans: b. false
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Analyze the following statement "the global financial crisis of 2008-2009 was a great illustration of how interdependent national economies are."
What will be an ideal response?
Economists are very good at explaining how individual markets work. Economists are less successful at explaining
a. market pricing. b. recessions and inflation. c. central planning. d. business firm profits.
A young chef is considering opening his own sushi bar. To do so, he would have to quit his current job, which pays $20,000 a year, and take over a storage building that he owns and currently rents to his brother for $6,000 a year. His expenses at the sushi bar would be $50,000 for food and $2,000 for gas and electricity. The chef's implicit costs are equal to _____.
a. ?$26,000 b. ?$52,000 c. ?$66,000 d. ?$78,000 e. ?$72,000
When money is accepted as payment for a good or service, it is being used as a:
A. medium of exchange. B. store of value. C. unit of account. D. mechanism for transforming current purchases into future purchases.