What function is money serving when you use it when you go shopping?
A. a store of value
B. a medium of exchange
C. a unit of account
D. a medium of deferred payment
Answer: B
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Referring to a production possibilities curve and the goods being compared, depict the economic event. Millions of immigrants came to the United States in the second half of the 19th century to work on the transcontinental railroad (capital goods vs. consumer goods).
A. A movement from a point inside the curve to a point on or near the curve B. A movement from a point on or near the curve to a point inside the curve C. A shift in the entire curve to the right (outward) D. A shift in the entire curve to the left (inward)
According to the natural rate hypothesis, the unemployment rate should equal 0 percent in the long run
a. True b. False Indicate whether the statement is true or false
Read the following passage and then answer the question below.
The term “bounded rationality” describes a more realistic conception of human problem-solving ability. People might satisfice in some circumstances rather than trying to accurately calculate the best decision. Judging from context, what is the best definition for satisfice? a. to sacrifice present satisfaction for the promise of greater satisfaction in the future b. to forgo maximizing utility in one situation in order to maximize utility in another c. to alter one’s experience of satisfaction in order to maximize the satisfaction offered by an available good d. to find the option that provides the minimum level of satisfaction required
At a recent company meeting, Geraldine Erwin, sales manager of Dastoria, a flavored-beverage producer announced, "We have increased our sales by 8 percent in just six months." Suppose six months ago, its sales amounted to $452,000, what is the value of
its sales today? A) $36,160 B) $415,840 C) $488,160 D) $565,000