When economists say that money serves as a store of value, they mean that it is:
A. a way to keep wealth in a readily spendable form for future use.
B. a means of payment.
C. a monetary unit for measuring and comparing the relative values of goods.
D. declared as legal tender by the government.
A. a way to keep wealth in a readily spendable form for future use.
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If an average cost pricing rule is imposed on the natural monopoly shown in the figure above, then the firm's economic profit will be
A) $9 million. B) $12 million. C) $0, that is, the firm's owners make only a normal profit. D) negative, that is, the firm incurs an economic loss.
Refer to Figure 23-4. Potential GDP equals $100 billion. The economy is currently producing GDP1 which is equal to $90 billion. If the MPC is 0.8, then how much must autonomous spending change for the economy to move to potential GDP?
A) -$18 billion B) -$2 billion C) $2 billion D) $18 billion
A franchisee is likely to command_____ earnings than a salaried manager
a. Higher b. Lower c. The same d. None of the above
According to the graph shown, if this were depicting an autarky, the equilibrium price would be:
This graph demonstrates the domestic demand and supply for a good, as well as the world price for that good.
A. $10.
B. $14.
C. $17.
D. $4.