The three functions of money are medium of exchange,
a. measure of value, and standard of value.
b. measure of value, and store of value.
c. standard of value, and store of value
d. medium of value, and store of value.
e. measure of value, and deferred value.
b
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How much does the money supply change if the reserve requirement rate is 20% and excess reserves are $5 million?
a. $50 million b. $1 million c. $10 million d. $25 million
In answering the question, assume a graph in which dollars are measured on the vertical axis and output on the horizontal axis. Refer to the information. For a purely competitive firm:
A. marginal revenue will graph as an upsloping line. B. the demand curve will lie above the marginal revenue curve. C. the marginal revenue curve will lie above the demand curve. D. the demand and marginal revenue curves will coincide.
Federal employment in the United States is dominated by what two functions?
A. National defense and postal service. B. Health care and police. C. Postal service and education. D. Health care and national defense.
Which is NOT a necessary condition for price discrimination to exist?
A) The firm must face a downward sloping demand curve. B) The firm must identify buyers with different elasticities of demand. C) The firm must be able to prevent resale of the product or service. D) The firm must establish different prices to reflect marginal cost.