Saying that it takes twice as many dollars to buy one ticket for a concert than two tickets for a movie refers to the use of money as a
A) medium of exchange.
B) unit of account.
C) store of value.
D) means of achieving the double coincidence of wants.
B
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In general, as the amount of labor input increases, the amount of output
a. increases. b. decreases. c. remains constant. d. increases only if the capital stock also increases.
In the figure above, the dark triangle is the
A) consumer surplus. B) deadweight loss. C) producer surplus. D) total cost. E) economic profit.
Suppose that macroeconomic forecasters predict that the economy will be expanding in the near future. How might managers use this information?
What will be an ideal response?
Refer to the payoff matrix below. If each cell has a probability of occurrence of 0.25, what are Camp with Us' expected profits?
Camp with Us and Happy Campers compete in the market for campers. Each firm must decide each season if they are going to offer special financing or not. The above payoff matrix shows each firm's net economic profit at each pair of strategies.
A) $8.50
B) $4.25
C) $5.75
D) $7.25