After you finish your degree, suppose your salary is $52,000 per year. This is an example of money as
A) a medium of exchange.
B) a unit of account.
C) a store of value.
D) M1.
B
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The ability of an individual, firm, or country to produce a certain good at a lower opportunity cost than other producers is referred to as:
A) marginal advantage. B) absolute advantage. C) cardinal advantage. D) comparative advantage.
If a monopolistically competitive firm is producing 450 units of output and at this output level, the price is $15 and the average total cost is $12, the firm profit/loss is equal to ________.
A) -$1,525 B) $1,350 C) -$1,350 D) $1,525
Special-interest groups have little incentive to
a. earn profits b. redistribute wealth c. lobby Congress d. make the economy more efficient e. seek regulation beneficial to them
Which of the following is most likely to increase the potential output of an economy?
What will be an ideal response?