Double coincidence of wants is avoided if money is used as a:
A. measure of value.
B. medium of exchange.
C. standard of deferred payment.
D. store of value
Answer: B
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A perfectly competitive firm may, under some circumstances, be able to affect the market price.
Answer the following statement true (T) or false (F)
Keynesian analysis may have contributed to chronic federal budget deficits by
A) advocating transfer payments to redistribute income. B) persuading the public that any given deficit could be a result of responsible policy decisions. C) putting economists in charge of fiscal policy. D) reducing the power of the government to finance expenditures through taxation.
The concept of utility maximization:
A. is solely used to measure an individual's satisfaction with his consumption choices. B. can be used broadly to think about choices made motivated by satisfaction, envy, status, or kindness. C. assumes each individual seeks to increase his own personal satisfaction regardless of others. D. None of these is true.
An example of a modern democratic government commandeering resources is
a. the military draft b. government subsidizing agriculture c. government engaging in transfer payments d. government food stamps e. government tax refunds