Which of the following is the best example of money used as a medium of exchange?
A. Prices of products in a store in Mexico are marked in terms of U.S. dollars.
B. A farmer stores $100 dollar bills in a strong box under the floor in a barn.
C. A plumber unclogs a drain for a carpenter, who repairs broken steps for the plumber.
D. In a prisoner of war camp cigarettes are traded for socks, candy and/or food, even by nonsmokers.
Answer: D
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Refer to Figure 4-1. What is the total amount that Kendra is willing to pay for 1 ice cream cone?
A) $0.50 B) $3.50 C) $9.00 D) $13.50
The paradox of American farming is
A) food has become cheaper and more abundant as the number of farms has decreased. B) the demand for imported luxury food products has risen as the demand for domestic food products has fallen. C) the demand for food has risen as the number of people who pursue farming as a career has fallen. D) the amount of food produced has increased as the average farm size has fallen.
What method was not used by the US between 1880 and 1920 to limit the number of immigrants?
a. Outlawing the practice of prepaying the cost of an immigrant's voyage in exchange for future labor services. b. Implementing a financial test for potential immigrants. c. Utilizing a literacy test for potential immigrants. d. Allowing only immigrants who had family members in the US to come in.
Once the patent for a drug in the pharmaceutical industry expires, the market for the generic equivalents
a. Is usually considered competitive b. Is a monopolistic market c. Has no effect on the profits earned by the original producer d. Would not exist