A good would not be very suitable to use as money if it
a. is portable because it is needed as a store of value
b. is divisible because each unit of money should have the same value
c. is scarce because we need more money as the economy grows
d. is commonly accepted as a medium of exchange because everyone will hoard it
e. lacks uniformity because the money supply would be of varying quality and people will hoard the preferred money and circulate only the less preferred
E
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What will be an ideal response?
Perfectly competitive markets have absolutely no drawbacks.
Answer the following statement true (T) or false (F)
Helen gives up the opportunity to bake 40 cakes for each room she paints; Josh can paint one room in the time it takes him to bake 60 cakes. The opportunity cost of a cake for Helen is
a. painting one room b. painting 1/40 of a room c. painting 1/60 of a room d. painting 2/3 of a room e. painting 3/2 of a room
Which of the following describes a situation in which demand must be elastic?
a. Total revenue increases by 15 percent when the price of corndogs rises by 15 percent. b. Total revenue increases by less than 15 percent when the price of corndogs rises by 15 percent. c. Total revenue decreases by more than 15 percent when the price of corndogs rises by 15 percent. d. Total revenue increases by $15 when the price of corndogs rises by $15. e. Total revenue increases by more than $15 when the price of corndogs rises by $15.