Price tags attached to goods for purchase at a store would be an example of money's role as a
A) medium of exchange.
B) store of value.
C) unit of account.
D) none of the above
C
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What does the marginal revenue equal when a monopoly's total revenue is maximized? What is the elasticity of demand when the total revenue is maximized?
What will be an ideal response?
If the cross price elasticity of demand between two goods is negative, then the two goods are
A) substitutes. B) complements. C) unrelated. D) independent.
The budget of an unconstrained government is similar to a common pool resource, and this will lead to
A) lower interest rates and spending levels consistent with economic efficiency. B) excessive spending and budget deficits. C) lower taxes and a deficient level of spending. D) a deficient level of spending and budget surpluses.
Which would have no effect on the demand for motorcycles?
a. A change in tastes b. A change in the cost of steel c. A change in the price of gas d. A change in the prices of cars