Price levels rarely remain the same. This implies that
a. money is an excellent medium of exchange.
b. money is divisible.
c. money is a good medium for measuring value.
d. money is an imperfect medium for storing value.
d
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Use the figure below to answer the following question.
If a price ceiling in this market is set at P1, then consumer surplus equals area
A. a + b + d. B. b. C. a. D. a + b.
The perfectly competitive seller's short-run supply curve is
A) its entire marginal cost curve. B) its marginal revenue curve. C) the part of its marginal cost curve above the average variable cost curve. D) the part of its marginal cost curve above the average total cost curve.
At a higher wage rate:
a. the opportunity cost of working increases. b. the opportunity cost of leisure increases. c. the opportunity cost of working decreases. d. the opportunity cost of leisure decreases.
A flexible exchange rate system guarantees a country will not experience an exchange rate crisis
Indicate whether the statement is true or false