Mia puts money into a piggy bank so she can spend it later. What function of money does this illustrate?
a. store of value
b. medium of exchange
c. unit of account
d. None of the above is correct.
a
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Which area represents the net gain to society? Should the reduction in output from QC to QE take place? Why or why not?
Use the following graph of the refined petroleum market to answer the questions below.
John is ready to pay $5 for an extra loaf of bread. Due to an ongoing discount in the store, he gets a loaf for $2. John's consumer surplus from the purchase is ________
A) $2 B) $2.50 C) $3 D) $10
The demand for a new effective drug for the cure of AIDS would most likely be
A. elastic. B. unit elastic. C. perfectly elastic. D. highly inelastic.
In the context of collective decision-making, external costs are _____
a. the costs imposed on everyone in the group b. the costs imposed on those outside the group c. the costs imposed on those who voted for the decision d. the costs imposed on those harmed by the decision