Camels have been used as money. Which function of money would this type of money perform least well?
A) medium of exchange
B) unit of accounting
C) store of value
D) standard of deferred payment
B
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Sensible buyers or sellers will want to continue acquiring information
A) as long as the additional information extends their choices. B) as long as the anticipated additional benefit exceeds the additional cost of doing so. C) as long as they can be assured of acquiring correct information. D) indefinitely, because more information is better than less.
Seymour owns 3 acres of beautiful waterfront property on a large inland lake. In his will, Seymour donates the land to the state with the understanding that the land will be used as a state beach. Seymour wants an efficient way to prevent overcrowding at the beach, so he should require
a. that all beach visitors pay the same entry fee regardless of the day of the week or time of the year. b. that the beach limit the number of visitors to 500 per day, without an entry fee. c. an entry fee be charged on summer weekend days when many people tend to visit the beach. d. that only local residents be admitted to the beach.
An elasticity that would be considered only slightly inelastic would be
A. 0.1. B. 0.9. C. 1.0. D. 1.1.
Marginal analysis is useful to a firm that seeks to
A. maximize its profits, but not minimize its losses. B. minimize its losses, but not maximize its profits. C. both maximize its profits and minimize its losses. D. neither maximize its profits nor minimize its losses.