Since it is a centrally planned economy, China does not face opportunity costs when economic decisions are made.
Answer the following statement true (T) or false (F)
False
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Higher prices and price increases combined with lower real output and income, resulting from a major increase in input prices in the economy is called:
A) deflation. B) inflation. C) stagflation. D) none of the above.
Credit card companies that operate as intermediary firms between credit card holders and business vendors are best described as
A) platforms in a shared-input market. B) end users in a shared-input market. C) platforms in a transaction-based market. D) end users in a transaction-based market.
Anything can be money if it acts as a:
a. unit of account. b. store of value. c. medium of exchange. d. All of these must be correct.
In a competitive market illustrated by the diagram below, for a price floor to be effective and alter the market situation, it must be set:
A. At $15
B. Below $15
C. Above $15
D. At $10