A property of an asset that makes it desirable for use as a means of settling debts maturing in the future is a(n)
A. unit of accounting.
B. store of value.
C. medium of exchange.
D. standard of deferred payment.
Answer: D
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If a nation has an absolute advantage in the production of some commodity, it
a. can gain only if it has a comparative advantage in the commodity. b. may still gain from trade in the commodity. c. cannot gain from trade in the commodity. d. cannot gain unless it has an absolute advantage in every other commodity.
A natural monopolist that sets prices equal to marginal cost will:
A. be government owned. B. incur losses. C. have zero profit. D. still make a positive economic profit.
Refer to Table 7.1, which shows the relationship between the price that Gladys charges for a product and the quantity of that product that Gladys sells. The marginal revenue that Gladys receives from selling the fifth unit of output is:
A. $5, because that is the price per unit of output that Gladys receives. B. $5, because that is the quantity that Gladys sells. C. $25, because Gladys sells five unit of output at a price of $5. D. $1, because Gladys earns $1 more in revenue by increasing her output to five units from four units.
In a binding situation, a positive cost shock decreases output.
Answer the following statement true (T) or false (F)