The following are all functions of money except
A) medium of exchange.
B) store of value.
C) unit of account.
D) source of anxiety.
D
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In the model of perfect competition, firms produce a
A) standardized product with considerable control over price. B) differentiated product with no control over price. C) differentiated product with considerable control over price. D). all of the above. E). none of the above.
In a closed economy with no government, aggregate expenditure is
A) consumption plus investment. B) saving plus investment. C) consumption plus the MPC. D) MPC + MPS. E) none of the above.
Consider a car dealership advertises a three-year lease at $250 per month. When you arrive to apply, you discover that the lease requires a downpayment of $3600 dollars. You will undertake the lease if
A) you value the lease at least $350 per month. B) you value the lease at least $250 per month, the $3600 is a sunk cost. C) you value the lease less than $350 per month. D) you value buying a new car at $400 per month.
If hiring more workers results in each additional worker contributing successively smaller amounts of output, then which of the following is present?
a. diminishing profitability b. diminishing total product c. diminishing marginal product d. Both b and c are correct.