A $1,000 price tag on a Coach handbag in a department store is an example of money serving as a
A. medium of exchange.
B. unit of accounting.
C. store of value.
D. an investment tool.
Answer: B
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Sue's Surfboards is the sole renter of surfboards on Big Wave Island. Sues demand and marginal revenue curves are illustrated in the figure above. Sue's Surfboards currently rents 15 surfboards an hour. Sue's total revenue from the 15 surfboards is
A) $300. B) $225. C) $150. D) $10.
Funds are channeled from savers to borrowers indirectly through ________ and directly through ________
A) financial intermediaries; financial markets B) financial markets; financial intermediaries C) main banks; branches D) broker; agents
You're the president of the United States and your economic advisor tells you that the economy is in a state of high inflation, high unemployment, and low growth. You know then that your advisor is talking about
a. stagnation b. deflation c. depression d. stagflation e. prosperity
Constant returns to scale occur when a firm's
a. marginal costs are constant as output increases. b. long-run average total costs are decreasing as output increases. c. long-run average total costs are increasing as output increases. d. long-run average total costs do not vary as output increases.