When money is used to compare the costs of different goods and services, it is functioning as
a. a unit of account
b. a means of payment
c. fiat money
d. a store of wealth
e. legal tender
A
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The labor force of a country is 150 million, of which 60 million are employed. Therefore, the unemployment rate in this country is 40%
a. True b. False Indicate whether the statement is true or false
When a consumer must take some sort of additional action to receive a lower price, the consumer is being subjected to:
A. the "hurdle" method of price discrimination. B. the "rebate and wait" method of price discrimination. C. perfect price discrimination. D. "bait and switch" sales tactics.
The table below shows the marginal benefit and marginal cost of purchasing an additional unit of 3 different public goods. Marginal benefitMarginal costTotal spending on the public goodPublic good 1$20$20$1,500Public good 2$15$25$800Public good 3$10$5$700 The government is spending the socially optimal amount on:
A. public good 3. B. public good 1. C. public good 2. D. public good 1 and public good 2.
A profit-maximizing firm will always operate at that output at which _______ is equal to ________.
Fill in the blank(s) with the appropriate word(s).