Which of the following functions of money enables society to gain the benefits of geographic and labor specialization?
A. Unit of account
B. Store of value
C. Medium of exchange
D. Medium of deferred payment
C. Medium of exchange
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When there are no externalities
A) social costs are greater than private costs. B) social costs are less than private costs. C) private costs are greater than social costs. D) private costs equal social costs.
Which of the following statements best describes the study of economics?
A. Economics studies how people maximize returns in the stock market. B. Economics studies how the Federal Reserve handles fluctuation in business cycles. C. Economics studies how governments determine appropriate tax rates. D. Economics studies how individuals and groups manage scarce resources.
The estimated demand for a good is
= 25 - 5P + 0.32M + 12PRwhere Q is the quantity demanded of the good, P is the price of the good, M is income, and PR is the price of related good R. The coefficient on P
A. should have the same sign as the coefficient on PR. B. is negative as expected. C. does not have the expected sign. D. should not be greater than one (in absolute value). E. both b and d
Which of the following is a question answered with positive economic analysis?
A. Should the college reduce tuition for out-of-state residents? B. Should the college charge higher tuition for part-time students? C. If the college increased its eligibility requirements for enrollment, will class sizes decline? D. Should the college eliminate its athletic program to cut its costs?