If a friend of yours keeps cash hidden under the mattress, he is using money as a
A. medium of exchange.
B. unit of accounting.
C. store of value.
D. standard of deferred value.
Answer: C
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Each of the following increases average labor productivity except:
A. more natural resources. B. more physical capital. C. more human capital. D. more central planning.
A natural monopoly that is regulated to set its price according to the marginal cost pricing rule will
A) incur an economic loss. B) maximize its profit. C) produce a quantity of output such that price is above average total cost. D) produce a quantity of output such that marginal cost is above average total cost.
Which of the following is the best example of an automatic stabilizer?
a. Welfare payments. b. Foreign aid c. Defense spending. d. Highway construction.
What will we never do in a world of scarcity?
A. Satisfy all basic human needs. B. Satisfy all basic human wants. C. Use all economic resources such that we satisfy the maximum amount of wants. D. Meet all of society’s wants.