Credit cards
a. are considered money because they are a means of payment
b. are not considered money and thus are not of importance to the monetary authority
c. are not considered money but are important because they may affect how much people hold in M1 and M2
d. are counted in the money supply as part of M3
e. are considered money when held by the public
C
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The above table gives the demand schedule for a single-price monopoly. If the marginal cost is $3, the profit maximizing output for the monopoly will be between
A) 1 to 2 units. B) 2 to 3 units. C) 3 to 4 units. D) 4 to 5 units. E) Exactly 5 units.
If using the same resources, the U.S. workers can produce more of any good than Mexican workers, then the United States should produce every good
a. True b. False Indicate whether the statement is true or false
It's logical, it's a rule of thumb, it's an economic guideline: As long as MR < MC, and the firm responds by increasing the quantity it produces,
a. profit will equal zero b. profit will increase c. profit will decrease d. profit will remain unchanged e. the firm will minimize loss
Economists who argue that advertising enhances market efficiency suggest that celebrity advertising signals inferior product quality
a. True b. False Indicate whether the statement is true or false