Which of the following is a function that money serves?
A) store of value B) medium of exchange
C) unit of account D) All of the above are correct.
D
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Strategic voting can reduce the power of someone trying to manipulate the outcome of an election
Indicate whether the statement is true or false
The four largest firms in an industry account for the following value of industry revenues: 12 percent, 8 percent, 5 percent and 4 percent. Calculate the four-firm concentration ratio. Would this industry be regarded as competitive or concentrated?
What will be an ideal response?
Use the economic way of thinking to complete the following statement: An entrepreneur who owns his own building
A) enjoys the building as a free good. B) sacrifices rental income he could have been earned on the building. C) enjoys lower costs than other entrepreneurs who choose to rent buildings from others. D) enjoys larger economic profits compared to other entrepreneurs who choose to rent buildings from others.
Which of the following statements is true?
A) If the price of a good is raised and total revenue does not change, demand is perfectly elastic. B) If the price of a good is lowered and total revenue increases, demand is inelastic. C) If the price of a good is lowered and total revenue decreases, demand is elastic. D) If the price of a good is raised and total revenue increases, demand is inelastic.