The following are all functions of money except
A. unit of account.
B. medium of exchange.
C. source of anxiety.
D. store of value.
Answer: C
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A group price discriminator sells its product in Florida for three times the price it sets in New York. Assuming the firm faces the same constant marginal cost in each market and the price elasticity of demand in New York is -2
0, the demand in Florida A) has an elasticity of -6.0. B) is more price elastic than the demand in New York. C) has an elasticity of -1.2. D) has an elasticity of -0.67.
Competitive firms X, Y, and Z meet in secret and agree to charge the same price. The U.S. Justice Department discovers this agreement and would most likely file charges under the:
a. Clayton Act. b. Federal Trade Commission Act. c. Sherman Act. d. Tying Contracts Act.
A longrun model of trade basic to the determination of how mobile factors of production affect national welfare and the returns to the factors is known as:
a. the specificfactors model. b. the Riparian model. c. the Chicago model of trade. d. the HeckscherOhlin model.
If the demand elasticity for corn in the current marketing is -0.5 and you know that the demand curve is linear and it goes through 10 billion bushels at a price of $5.00 per bushel, then if production turns out to be 12 billion bushels, the price of corn will be
A. $3.00 B. $4.00 C. $5.00 D. $6.00