The primary feature of money is that it serves as
A. barter value.
B. a medium of exchange.
C. intrinsic value.
D. commodity value.
Answer: B
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The federal minimum wage in 2010 was $7.25. If this wage rate was less than the equilibrium wage, what is the effect?
A) The minimum wage does not create unemployment. B) The number of people who want to work at the minimum wage is the same as the number of available jobs. C) The number of people who want to work at the minimum wage is greater than the number of available jobs. D) Deadweight loss exists.
From 1929 to 1933, U.S. output dropped by about
a. 10 percent b. 20 percent c. 25 percent d. 50 percent e. 75 percent
Refer to Figure 3.1. Which graph best represents the total cost of an activity?
A. A
B. B
C. C
D. D
If a legal ceiling price is set above the equilibrium price:
A. a shortage of the product will occur. B. a surplus of the product will occur. C. a black market will evolve. D. neither the equilibrium price nor the equilibrium quantity will be affected.