The unit of account function of money:
a. means that money should be durable
b. means that money makes price information more accessible.
c. requires that money be made of something valuable.
d. means that money can be used to save up purchasing power.
e. means that money is more easily counted than goods.
b
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What are some obstacles to price discrimination that a monopolist who is protected by high barriers to entry might face?
What will be an ideal response?
The Trans-Pacific Partnership (TPP) would ________ tariffs on most goods and services shipped between partnership countries and also ________ so-called non-tariff barriers to trade, such the licenses governments require to import some goods
A) lower; raise B) raise; raise C) eliminate; reduce D) lower; eliminate
Who is likely to earn a higher income, dentists or dental hygienists, and why?
a. dental hygienists because their education is less costly b. dentists because their education is less costly c. dental hygienists because their education is more costly d. dentists because their education is more costly e. neither; they usually earn the same wage rate
(Appendix) Suppose the production function for widgets is Q = (KL)½. If capital is fixed at 4 units, what is the marginal product of labor when you produce 10 units of output?
A. 0.4 B. 1.5 C. 1 D. 0.2