When you use currency to buy lunch, money is performing which function?
A) store of value
B) medium of exchange
C) barter token
D) unit of purchase
E) unit of currency
B
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Demand is based on:
a. desires, regardless of ability to pay. b. needs and wants, and the ability to pay. c. what supplies can provide. d. government calculations.
Government assistance to the poor in the United States
A. has eliminated poverty in the nation. B. is available to all persons whose income is below the poverty income threshold. C. is available in most cases only to the poor who are elderly, disabled, or families with children. D. is always in the form of cash.
Suppose an airline company has several empty seats on a flight and the full price of an air ticket is $500 while the marginal cost per passenger is $100. The flight leaves in one hour. Which of the following actions will be the best profitable way to to ensure the remaining seats are sold?
What will be an ideal response?
Government antitrust activity led to the breakup of AT&T in the 1980s because, among other things, it felt that AT&T had too much control over the telecommunications market. What type of market failure was most likely involved?
A.) Inequity B.) Public goods C.) Externalities D.) Market power