A major problem with a commodity money is that, to be useful, money must be
a. divisible.
b. storable.
c. portable.
d. All of the above are correct.
d
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A consumer chooses an optimal consumption point where the
a. marginal rate of substitution is maximized. b. rate at which the consumer is willing to trade one good for another equals the price ratio. c. price ratio is minimized. d. All of the above are correct.
When the price level falls, the number of dollars needed to buy a representative basket of goods
a. increases, so the value of money rises. b. increases, so the value of money falls. c. decreases, so the value of money rises. d. decreases, so the value of money falls.
Explicit revenue minus explicit measurable costs equals:
A. normal profit. B. economic profit. C. average profit. D. accounting profit.
Vertical equity is the belief that people ______.
a. should be taxed equally regardless of income b. should be taxed based on how much they have already paid during their lifetime c. with different levels of income should be taxed differently d. should be taxed only if they derive benefits from a specific government service