You saved $500 in currency in your piggy bank to purchase a new laptop. The $500 you kept in your piggy bank illustrates money's function as a _______. The laptop's price is posted as $500 . The $500 price illustrates money's function as a _____. You use the $500 to purchase the laptop. This transaction illustrates money's function as a ______
a. store of value, medium of exchange, unit of account
b. store of value, unit of account, medium of exchange
c. medium of exchange, unit of account, store of value
d. medium of exchange, store of value, unit of account
b
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Real GDP per person averaged $150 a year (in 2009 dollars) from 1,000,000 BC until 1620. Then in ________ real GDP began to increase without limit and by 1850 had risen to twice its 1650 level because ________
A) 1750; of the Industrial Revolution B) 1776; United States was founded C) 1750; Columbus arrived in the Americas D) 1650; the Pilgrims arrived in the Americas E) 1650; of the Industrial Revolution
The total revenue test using the price elasticity of demand
A) explains why monopolies will only operate on the elastic portion of their demand curve. B) explains why monopolies will only operate on the inelastic portion of their demand curves. C) demonstrates why a monopoly can earn an economic profit in the long run. D) determines whether a monopoly can perfectly price discriminate or not. E) cannot be used for a price discriminating monopoly.
Big Woods is a lumber firm that sells plywood sheets to local builders. If the annual holding cost of a sheet of plywood is $8 and the managers of Big Woods order 700 sheets of plywood, what is the total annual carrying costs of the inventory?
A) $2,800 B) $5,600 C) $2,000 D) $6,000
A nation has a comparative advantage in the production of cars over another nation if: a. it can produce cars with fewer resources than the other country
b. it can produce cars at a lower opportunity cost than the other country. c. it can produce cars at a higher opportunity cost than the other country. d. it can produce cars at the same opportunity cost and its consumers have a stronger preference for cars than consumers in the other country.