If you use $1,000 to purchase silver bullion, which you plan to keep in a safe, you are using money as:
A. a store of value.
B. a unit of account.
C. bank reserves.
D. a medium of exchange.
Answer: D
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Refer to Supply and Demand. Deadweight loss
The following questions refer to the accompanying graph, which shows the supply and demand for military service where Q0 represents the quantity provided by a volunteer army and Qd the quantity provided by a draft.
a. is eliminated by a limited draft.
b. occurs only with a volunteer army.
c. occurs only with a draft.
d. Occurs with both a volunteer army and with a draft.
The cross elasticity of demand for pizza with respect to the price of a soda is
A) positive because the goods are complements. B) negative because the goods are complements. C) positive because the goods are substitutes. D) negative because the goods are substitutes.
In a Mexican factory, each worker can produce 1/8 of a vase or 1/16 of a statue per hour. If there are 400 workers at the factory, the opportunity cost of one vase is
a. 2 statues b. 8 statues c. 1/2 of a statue d. 16 statues e. 1/16 of a statue
Markets will always allocate resources efficiently
a. True b. False Indicate whether the statement is true or false