Which of the following is NOT a function of money?
A. unit of accounting
B. store of value
C. standard of deferred payment
D. medium of stored value
Answer: D
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The point of diminishing returns means that output will decrease at an increasing rate
Indicate whether the statement is true or false
Cartels are difficult to maintain because
a. antitrust laws are difficult to enforce. b. cartel agreements are conducive to monopoly outcomes. c. there is always tension between cooperation and self-interest in a cartel. d. firms pay little attention to the decision made by other firms.
Suppose that a worker in Country A can make either 25 bananas or 5 tomatoes each year. Country A has 200 workers. Suppose a worker in Country B can make either 18 bananas or 6 tomatoes each year. Country B has 400 workers. The opportunity cost of one tomato in Country A is:
A. 4 bananas. B. 5 bananas. C. 100 bananas. D. 20 bananas.
How do outward-oriented policies affect a nation's productivity?