Comparing how many dollars it takes to attend college each year to annual earnings on a job represents the use of money as a:
A. medium of exchange.
B. unit of account.
C. store of value.
D. store of coincidence.
Answer: B
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If the demand for jelly decreases, and the price of grapes (used to make jelly) rises
A) the equilibrium price of jelly falls and the equilibrium quantity of jelly might rise or fall. B) the equilibrium price of jelly rises and the equilibrium quantity of jelly might rise or fall. C) the equilibrium price of jelly might rise or fall, and the equilibrium quantity of jelly falls. D) the equilibrium price of jelly might rise or fall, and the equilibrium quantity of jelly rises.
Say's Law
a. is valid only in a simple economy without financial markets b. led economists during the 1920s to encourage the government to adopt flawed economic policies that led to the Great Depression c. assures us that in the aggregate, firms are able to sell their output so that full employment can be sustained d. tells us that in the long run, markets clear e. tell us that firms must carefully monitor consumer spending and saving in order not to produce more than consumers are willing to purchase
If price rises, what happens to quantity supplied of a product?
What will be an ideal response?
In the figure at? right, assume this firm is operating on d3. Which is? true?
A. This firm is breaking even
B. This firm is earning an economic profit
C. This firm's total revenue equal HRD0
D. This firm is experiencing an economic loss