What function is money serving when you deposit money in a savings account?
A. A store of value
B. A unit of account
C. A checkable deposit
D. A medium of exchange
A. A store of value
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Duke increased his spending on steak from $7 to $11 per week because of a 12 percent salary increase, so his
A) income elasticity of demand for steak is 1.37. B) price elasticity of demand for steak is 1.37. C) income elasticity of demand for steak is 3.7. D) price elasticity of demand for steak is 3.7.
Patent laws
a. reduce incentive to innovate by restricting market entry b. reduce incentive to innovate by making it difficult to use the patented innovation c. increase incentive to innovate by restricting entry into a market d. increase incentive to innovate by giving a firm permanent and exclusive production rights e. give a firm the right to provide a wide variety of goods or services
If a country changes its corporate tax laws so that domestic businesses build and manage more business in other countries, then the net capital outflow of that country
a. and the net capital outflow of other countries rise. b. rises and the net capital outflow of other countries fall. c. falls and the net capital outflow of other countries rise. d. None of the above are correct.
Refer to the graph shown. Suppose the market price is $4. At this price, a perfectly competitive firm should:
A. shut down in the short run but continue production in the long run. B. continue to produce in the short run but shut down in the long run. C. continue to produce in both the short run and the long run. D. shut down immediately.