Money serves as a medium of exchange when:
A. it is a basic measure of economic value.
B. it is a means of holding wealth.
C. it is used to purchase goods and services.
D. there is direct trade of goods and services.
Answer: C
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The area beneath a consumer's demand curve out to the quantity purchased represents
a. consumer's surplus. b. the region of mutual advantage. c. the total value of the consumer's purchases. d. the marginal value placed on the last unit consumed.
Based on the data in the table above, ice cream and cake are ________ goods
A) inferior B) normal C) substitute D) complementary E) Both answers B and D are correct.
Adverse selection occurs in the insurance market because:
A. the seller has more information than the buyer. B. the buyer has more information than the seller. C. both the buyer and the seller have incomplete information. D. Any of these could be the cause of adverse selection in insurance market.
In 1860, the Republican Party formed a coalition of anti-slavery voters that elected Abraham Lincoln to the presidency. Members of this coalition included all of the following groups except:
a. Northwestern farmers. b. Irish and German immigrants. c. Producers who were economically linked by the Northern Gateway. d. Large property owners in New Mexico and Utah.