A small change in a variable is:
A. an average change.
B. a ceteris paribus change.
C. an efficient change.
D. a marginal change.
Answer: D
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People are forced to economize because of
A. competition. B. pressure to conform. C. scarcity. D. the absence of money.
When money prices are used to facilitate comparisons of value, money is said to function as a
A) unit of account. B) medium of exchange. C) store of value. D) payments-system ruler.
If firms in a competitive market are identical, then the long-run market supply curve will be
A) horizontal. B) upward sloping. C) downward sloping. D) undetermined.
If you win $1 million in a lottery and are paid in installments,
a. the future value of these payments is $1 million b. the present value of these payments equals $1 million if the interest rate is zero c. the present value of these payments equals $1 million if the interest rate is 10 percent annually d. the present value of the payments exceeds $1 million if the interest rate is positive e. the future value of the payments is less than $1 million if the interest rate is negative