Refer to the above graph with three demand curves. An "increase in quantity demanded" would be illustrated by a change from:
a. Point 5 to point 1
b. Point 2 to point 5
c. Point 4 to point 6
d. Point 4 to point 1
Answer: d. Point 4 to point 1
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The store of value function is defined as the
A) double coincidence of wants that is used in the debate over barter versus money. B) pricing of goods and services in one measure. C) exchange of goods and services directly for other goods and services. D) holding of money from one transaction to be used later in another transaction. E) use of money as a medium of exchange.
If a firm has constant returns to scale, then doubling all of its inputs will just double its output
a. True b. False Indicate whether the statement is true or false
The summary of the flows of goods, services, assets, and currency in and out of a country in a particular year is
A. the balance of income statement. B. the balance of payments. C. the balance of trade. D. the trade deficit.
Quick conclusions about high school graduation rates should be made with care because of
A. the phenomenon of social promotion. B. the phenomenon of social promotion and the significant increase in the granting of less valuable GEDs. C. the significant increase in the granting of less valuable GEDs. D. the decrease in reported graduation rates reflects more stringent graduation standards.