Which of the following would not be considered a characteristic of money?
A. It is a means of payment.
B. It is a unit of account.
C. It must have intrinsic value.
D. It is a store of value.
Answer: C
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Suppose the demand in a certain duopoly market with homogenous goods is Qd = 8,000 - 100P. The two firms in the market are firm V and firm W, and the marginal cost of producing the goods in question is equal to $25. Which of the following describes the Nash equilibrium in this market?
A. PV = PW = $25 B. One of the firms charges a price higher than $25, and one of the firms charges a price lower than $25. C. PV = PW > $25 D. PV = PW < $25
Suppose a firm has a weekly cost function of C(Q) = 8Q + (Q2/100) and a marginal cost function of MC = 8 + (Q/50). Suppose the firm also has an avoidable fixed cost of $225. What is the efficient scale of production, and what is the minimum average cost?
A. Qe = 0; AC = $8 B. Qe = 106; AC = $10.95 C. Qe = 150; AC = $10.83 D. Qe = 22,500; AC = $9.25
Private firms can hardly produce a public good profitably because of:
A. Liability rules and lawsuits B. The free-rider problem C. Shortages and surpluses D. Moral hazard and adverse selection
The gold standard is
A. a type of fixed exchange rate system. B. a type of managed flexible exchange rate system. C. a type of floating exchange rate system. D. a currency exchange system without exchange rates.