When we drive a car we own, we incur not only a private cost, but also a(n) ________ cost.
Fill in the blank(s) with the appropriate word(s).
external (or social)
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When money is used to express the value of goods and services, it is functioning as a
A) medium of exchange. B) store of value. C) store of purchasing power. D) unit of account.
Good A is an inferior good. If the price of good A were to suddenly double, the substitution effect would cause the purchases of good A to increase by
A) more than double. B) exactly double. C) less than double. D) Any of the above are possible. E) none of the above
An entrepreneur is a(n):
a. individual who has much education. b. organizer who seeks profitable opportunities and is willing to accept risks. c. business organization that uses inputs to produce output. d. depot or warehouse for commercial products.
According to economist A.W. Phillips
A. there is no trade-off between inflation and unemployment. B. higher rates of inflation are associated with higher rates of unemployment. C. unemployment can be effectively combated by raising wages. D. high inflation rates are associated with low unemployment rates.