When Kate and Sam use dollars to compare the market values of their automobiles, money is acting as a
A) unit of accounting. B) standard of deferred payment.
C) store of value. D) medium of exchange.
A
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Because the consumer’s budget is limited, purchase decisions among available goods must of necessity be interdependent.
Answer the following statement true (T) or false (F)
If Ben values good X more than good Y, and Catherine values good Y more than good X, a firm can increase its profits by
A) charging the same price for both goods. B) bundling the goods. C) selling the goods in a competitive market. D) charging one price per good.
Human resource
What will be an ideal response?
Suppose the country of Maverick has specialized in the production of a good but has not yet entered into trade. At this point in time, Maverick has
A. Moved to a level of consumption outside its production possibilities curve. B. Moved along its existing production possibilities curve. C. Moved to a level of production outside its production possibilities curve. D. Shifted its production possibilities curve outward.