Which of the following is an example of money functioning as a medium of exchange?
A) Walmart accepting your $20 when you buy a Blu-ray.
B) Apple pricing an iPhone at $299.
C) Bank of America paying you 3 percent on your saving account.
D) You saving your spare change in a jar before depositing them in your savings account.
A
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The figure above shows the demand curve for pizza. Using the midpoint method and moving from point A to point B, calculate the
a) percentage change in price. b) percentage change in quantity demanded. c) price elasticity of demand.
If price is cut and demand is inelastic, then
A) total revenue will fall. B) total revenue will not change. C) quantity demanded will fall D) total revenue will rise.
If a market is dominated by a few large, interdependent firms, it is said to be a(n)
a. oligopoly b. monopoly c. integrated monopoly d. monopolistically competitive market e. perfectly competitive market
From 1975 to 2008, which of the following countries experienced greater wage increases than the U.S.?
a. Japan b. South Korea c. Taiwan d. all of the above