An example of a good that can be used for money that has no intrinsic value is:
A. cigarettes.
B. gold.
C. Hershey kisses.
D. paper dollar bills.
Answer: D
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Suppose Ann can produce 8 units of a material good (M) or 4 units of a spiritual good (S) in a day, while Ben can produce only 3 Ms or 3 Ss in a day. Which statement below is true?
A) Ann is the most efficient producer of spiritual goods. B) Ann is the most efficient producer of material goods. C) Ben is the least efficient producer of spiritual goods. D) All of the above are true.
What is the inflation gap? What is the output gap?
What will be an ideal response?
Expectation damages: a. leave the parties no worse off than was anticipated under the contract
b. are designed to elicit efficient precaution and efficient reliance on promises. c. are readily awarded by the courts d. a through c e. a and c only
Suppose a monopolist charges a price corresponding to the intersection of marginal cost and marginal revenue. If the price is between its average variable cost and average total cost curves, the firm will:
a. None of the answers are correct. b. shut down. c. earn an economic profit. d. stay in operation in the short run, but shut down in the long run if demand remains the same.