If product prices were stated in terms of tobacco leaves, then tobacco leaves would be functioning primarily as
A. a unit of account.
B. fiat money.
C. legal tender.
D. a store of value.
Answer: A
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Which of the following are considered money?
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If GDP increases in the model of public goods
A) people are richer, so they need less public goods. B) there is substitution from private goods to public goods. C) if the government provides public goods optimally, public and private goods production both increase. D) all of the increase in GDP goes into public goods.
Total revenue is equal to
A) the amount of funds earned by a firm minus its costs of production. B) the total quantity sold of a product over a given period of time. C) the price of a product multiplied by the number of units of the product sold. D) the monetary value of the capital (for example, plant and equipment) a firm owns.
When society must decrease the production of something in order to produce more of another good or service, society has necessarily achieved
A) only production efficiency. B) only allocative efficiency. C) both production efficiency and allocative efficiency. D) a free lunch. E) the maximum opportunity cost..