The three important functions of money are _____
a. medium of exchange, facilitation of trade, and unit of account
b. unit of account, facilitation of trade, and store of value
c. store of value, facilitation of trade, and double coincidence of wants
d. facilitation of trade, medium of exchange, and unit of account
e. medium of exchange, unit of account, and store of value
e
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If the marginal utility per dollar spent on Good X exceeds that of Good Y, the utility-maximizing consumer should:
a. buy less of Good X and more of Good Y. b. buy less of Good Y and more of Good X. c. buy more of both Good X and Good Y. d. buy less of both Good X and Good Y.
Like competitive firms, monopolies charge a price equal to marginal cost
a. True b. False Indicate whether the statement is true or false
An economy in which output has decreased and prices have increased would suggest that there has been a:
A. negative demand side shock. B. negative supply side shock. C. positive demand side shock. D. positive supply side shock.
Recall the Application about craft beer and the increase in the price of hops to answer the following question(s).Based this Application, between 2012 and 2017, a decrease in craft beer production will ________ the demand for hops and ________ the price of hops.
A. decrease; increase B. decrease; decrease C. increase; increase D. increase; decrease