Money can BEST be described as:
A) anything that is generally accepted as payment for goods and services or in the settlement of debts.
B) paper that can be used to purchase goods and services
C) commodities that have intrinsic value
D) any form of wealth possessed by consumers
A
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If a monopolist faces a linear demand curve, its marginal revenue curve will be:
A) horizontal. B) vertical. C) twice as steep as the demand curve. D) four times as steep as the demand curve.
Refer to Figure 15-3. Suppose the monopolist represented in the diagram above produces positive output. What is the profit/loss per unit?
A) loss of $7 per unit B) profit of $14 per unit C) profit of $30 per unit D) loss of $21 per unit
Which piece of evidence is consistent with zero crowding out?
A) Government purchases rise and Real GDP does not change. B) Government purchases rise and investment spending declines. C) Government purchases rise and net exports decline. D) Government purchases rise and consumption declines. E) none of the above
Refer to Exhibit 2-8. For Maya, the opportunity cost of producing one unit of good Y is ___________ unit(s) of good X.
