In the Yap civilization of the South Pacific prior to 1920, large, heavy stones in the shape of a wheel were used as money. Which function of money was probably least served by this form of money?
A) medium of exchange
B) store of value
C) unit of account
D) store of wealth
A
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Figure 6-5
If the demand curve in Figure 6-5 is unit elastic, then total expenditure at A is ____ total expenditure at B.
A. greater than B. less than C. equal to D. less elastic than
Assume that the hourly price for the services of tarot card readers has risen and sales of these services have also risen. One can conclude that
A) the demand for tarot card readers has increased. B) the law of demand has been violated. C) the number of tarot card readers has increased. D) tarot card readers are deliberately charging high prices because they provide services for superstitious clients.
The Nobel Prize winner William Shockley feels strongly that blacks do not have a hereditary racial inferiority in intellectual performance
Indicate whether the statement is true or false
The short-run average total cost curve eventually begins to increase at an increasing rate because of
A) economies of scale. B) the constraint that the firm cannot change production technologies. C) diminishing returns phenomena. D) increasing returns to scale.