Which of the following is NOT one of the functions of money?
A. A factor of production
B. A medium of exchange
C. A store of value
D. A standard of value
A. A factor of production
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Which of the following statements is correct about the concept of willingness to pay?
A) The willingness to pay is the lowest price that a buyer is willing to pay for an extra unit of a commodity. B) The willingness to pay for a commodity increases exponentially as the consumption of the commodity increases. C) The willingness to pay for a commodity increases linearly as the consumption of the commodity increases. D) If a consumer is consuming 10 units of a commodity and he is ready to pay $2 for the eleventh unit, his willingness to pay for the eleventh unit is $2.
Herzberg believed that increasing which of the following would increase job satisfaction?
a. breadth b. job enlargement c. hygiene d. depth
The price elasticity of demand for a monopolist's product depends on
A) the number and similarity of substitutes. B) the ATC of the item it produces. C) the AVC of the item it produces. D) the MC of the item it produces.
The loss in social surplus that occurs when the economy produces at an inefficient quantity is called
a. efficiency. b. consumer surplus. c. social surplus. d. deadweight loss.