The country of Eggville uses eggs as its official form of currency. All prices in Eggville are shown in terms of eggs, and residents carry around baskets of eggs to buy goods and services. Residents, however, cannot save eggs because they end up spoiling. Which functions of money do eggs serve?
a) Medium of exchange and store of value.
b) Unit of account and store of value.
c) Medium of exchange and unit of account.
d) Medium of exchange, unit of account, and store of value.
Ans: c) Medium of exchange and unit of account.
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Which of the following financial institutions went bankrupt as a result of the financial crisis that began in 2008?
A) Lehman Brothers B) Bank of America C) Citigroup D) JP Morgan
Which countries had double digit inflation rates for most of the first decade in the twenty- first century?
a. Nigeria, Turkey, Venezuela, Myanmar b. Indonesia, Iran, Belarus, the Russian Federation c. Nigeria, Indonesia, the Russian Federation, Turkey d. Indonesia, Iran, Nigeria, the Russian Federation
What happened in response to passage of the Wagner Act in 1935?
a. Many formerly unionized industries saw a decrease in union activities. b. Unions formed in most of the mass production industries for the first time. c. Labor unions were prohibited from controlling hiring at closed shops. d. Worker alienation and dissatisfaction grew in deregulated industries.
Average total cost
A. increases as output increases. B. increases if marginal cost is increasing. C. decreases as output increases. D. increases if marginal cost is greater than average total cost. E. both c and d