If you place a part of your summer earnings in a savings account, you are using money primarily as a:
A. medium of exchange.
B. store of value.
C. unit of account.
D. standard of value.
B. store of value.
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Refer to Scenario 9.1. The Nash equilibrium occurs when Sheb places ________ sheep on the commons and Monty places ________ sheep on the commons
A) 4; 4 B) 4; 5 C) 5; 4 D) 5; 5
The change in the total revenue of a firm that results from employing one additional unit of a factor of production is defined as the
a. total revenue product of the resource. b. marginal product of the resource. c. marginal revenue product of the resource. d. average revenue product of the resource.
Which of the following statements is not correct?
a. Part of the deadweight loss associated with monopoly is measured by the monopolist's economic profit. b. Marginal cost is always less than average total cost in a natural monopoly. c. Discount coupons available free to the public are a type of price discrimination. d. Anti-trust laws make it harder for firms to create synergies.
The Millennium Poverty Goal is the United Nations' goal of reducing the global rate of extreme poverty to ________ percent by 2015.
A. 0 B. 5 C. 15 D. 10