Suppose Lorna will buy more sweaters if the price of sweaters rises. She is violating the
a. law of supply
b. law of increasing costs
c. law of large numbers
d. law of diminishing costs
e. law of demand
E
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When comparing the price of a tablet with the price of a laptop, Amanda discovered the tablet was more expensive. This is an example of using money as
A) a store of value. B) a medium of exchange. C) a unit of accounting. D) a standard of deferred payment.
Examples of public goods include national defense, police, and the U.S. Postal Service.
Answer the following statement true (T) or false (F)
________ involves the direct exchange of one good for another without the use of money
a. Comparative advantage b. Barter c. Economic growth d. International trade
If the inflation rate was 8%, and the tax rate was 20%, and you deposited money in a bank account that pays 12%, what is your after tax real interest rate? Show you work