Money's most narrow definition is based on its function as a
A) store of value.
B) unit of account.
C) standard of deferred payment.
D) medium of exchange.
E) standard of barter.
Answer: D
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Which of the following is true of the relationship between price and quantity supplied?
a. There is always an inverse relationship. b. More is supplied at lower prices. c. Producers work harder and sell more when the price decreases. d. There is a direct relationship between price and quantity supplied. e. It is always true that a higher price leads to a decrease in quantity supplied.
In the 1960s and early 70s, economists believed that the Phillips curve indicated: a. a menu of macroeconomic choices available to policy makers
b. that higher levels of employment could be achieved with lower inflation. c. that higher inflation was the price for more unemployment. d. all of the above.
If the price elasticity of supply for a good is equal to infinity, then the
a. supply curve is vertical. b. supply curve is horizontal. c. supply curve also has a slope equal to infinity. d. quantity supplied is constant regardless of the price.
Use the following information to answer the next question.Maya purchases only three products; orange juice, prepared meals, and on-demand episodes of her favorite shows. Each week she purchases 2 bottles of orange juice, 14 prepared meals, and 8 on-demand episodes. The prices of bottles of orange juice, prepared meals, and on-demand episodes for four different years are shown in the table below.YearPrice of Orange JuicePrice of Prepared MealsPrice of On-Demand Episodes1$2$6$102$6$5$123$4$7$134$4$8$11How much will Maya spend per week in Year 4?
A. $178 B. $168 C. $210 D. $208