Nicholas is saving money collected from his paper route in order to purchase a new bicycle. His saving represents using money as
A) a medium of exchange.
B) a store of value.
C) an unit of account.
D) none of the above
B
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If monetary equilibrium were to occur
A) inflation would not occur. B) deflation would not occur. C) the price level would be stable. D) all of the above would be true. E) none of the above would be true.
In the above figure, the distance between A and B represents this monopoly firm's
A) total profit. B) total revenue. C) average profit per unit. D) average cost per unit.
The consumption function illustrates that:
a. saving increases as disposable income decreases. b. consumption increases as saving increases. c. consumption increases as disposable income increases. d. consumption increases as disposable income decreases. e. consumption increases as investment increases.
Your neighbor in an apartment complex plays his music very loudly late at night, which makes it difficult for you to get to sleep. You offer the neighbor $50, the monetary value you put on your sleep, to never play his music between midnight and 7 AM. By doing so
A. you have indicated a willingness to make the external cost a social cost. B. you have indicated the cost of the externality. The externality is not internalized even if he accepts your offer. C. you have indicated the cost of the externality, which internalizes the externality. D. you have failed to bring about an efficient solution since you should have complained to the police.