Compared to a barter economy, using money increases efficiency by reducing:
A. transaction costs.
B. the need to exchange goods.
C. the need to specialize.
D. inflation.
Answer: A
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Assume that both the demand curve and the supply curve for DVD players shift to the left but the supply curve shifts more than the demand curve. As a result,
A) both the equilibrium price and quantity of DVD players will decrease. B) the equilibrium price of DVD players will decrease; the equilibrium quantity may increase or decrease. C) the equilibrium price of DVD players may increase or decrease; the equilibrium quantity will increase. D) the equilibrium price of DVD players will increase; the equilibrium quantity will decrease.
The price per unit times the total quantity sold is
A) average revenue. B) marginal revenue. C) total revenue. D) price revenue.
The "currency" of the IMF is the
A) International Currency Unit. B) Special Drawing Right. C) U.S. dollar. D) IMF Dollar.
Establishing a unit of value and establishing a standard means of payment are two functions of a monetary system
a. True b. False