When money is held as an asset, it is serving as
A. a standard of value.
B. a standard of deferred payment.
C. a medium of exchange.
D. a store of value.
D. a store of value.
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If the price of a barrel of oil is $100 this year and the interest rate is 10 percent, then according to the Hotelling Principle the price next year is expected to be ________ per barrel
A) $90 B) $110 C) $100 D) None of the above is correct.
Diminishing marginal returns to labor means
A) that each additional worker costs more. B) that each additional worker produces less than the previous worker. C) that each additional worker costs less. D) that total product grows at a constant rate when workers are added to production.
Refer to the above figure. A budget deficit occurs when real national income is
A) Y3. B) Y1. C) Y2. D) None of the above: cannot be determined given the information.
Which of the following can a positive analysis accomplish?
a. It can tell an advertising executive what type of ads she ought to order. b. It can tell us how much the demand for a product will increase. c. It can tell us if one policy is better than another. d. It can tell a policy maker what is the best course of action.