When money works as a common denominator into which the values of all goods and services are expressed, it is which function of money?
(a) Medium of Exchange.
(b) Unit of Account.
(c) Store of Value
(d) Standard of Deferred Payment.
Answer: (b) Unit of Account.
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The administrators of welfare programs have strong incentives to eliminate poverty
a. True b. False
With this utility function, the bundle (3,2) provides the same utility as the bundle:
a. (2, 3). b. (2, 4). c. (2, 5). d. (3, 3).
Suppose that when price is $10, quantity supplied is 20 . When price is $6, quantity supplied is 12 . The price elasticity of supply is
a. 0.2 b. 0.5 c. 1.0 d. 1.5 e. 2.0
One of the characteristics of the poor is that they are
a. more likely to be employed in the modern industrial sector. b. more likely to come from small families. c. more likely to be well educated. d. more likely to live in a rural area.