The "double coincidence of wants" is
A) what is needed to use money.
B) eliminated with the use of money.
C) money's role as a unit of account.
D) how value is stored when we transact with money.
E) eliminated when we barter instead of using money.
B
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When demand is inelastic and price decreases:
A) the effect of the decrease in price on total revenue dominates the effect of the increase in quantity demanded on total revenue; overall total revenue declines. B) the effect of the increase in quantity demanded on total revenue dominates the effect of the decrease in price on total revenue; overall total revenue increases. C) the effects of the decrease in price on total revenue and the corresponding increase in quantity demanded on total revenue perfectly offset one another; overall total revenue remains unchanged. D) quantity demanded and total revenue fall to zero.
A windfall profit tax imposed on oil companies would shift the firms'
A) marginal tax rate. B) marginal cost curve. C) average cost curve. D) production function.
The practice of tying can make entry difficult
Indicate whether the statement is true or false
In most state-run lotteries,
a. the winner receives a single lump-sum payment b. the present value of the winnings is less than the number of dollars won c. the present value of the winnings exceeds the number of dollars won d. winners are paid the present value of the total amount won e. winners are paid only in the distant future