When Jason and Jacky use dollars to compare the market values of their cellphones, money is acting as a
A. unit of accounting.
B. standard of deferred payment.
C. store of value.
D. medium of exchange.
Answer: A
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Elly needs to get her leaking faucet repaired as soon as possible. She gets in touch with a plumber who asks for an unreasonably high fee. If no other plumber is available for work, who has a higher bargaining power? Explain your answer
What will be an ideal response?
Given that the characteristics of Social Security are determined through the political process, we would expect that young workers would _____ when given the opportunity to vote on the program
a. oppose increases in Social Security taxes b. oppose increasing the retirement age c. oppose means-testing of retirees d. be strongly in favor of the status quo
Trade restrictions
A. Reduce the gains from trade for the country as a whole. B. Increase the gains from trade for poor countries. C. Increase the standard of living for the country as a whole. D. Reduce the number of hours employees must work.
In presenting the idea of a demand curve, economists presume the most important variable in determining the quantity demanded is:
A. the price of the product itself. B. consumer income. C. the prices of related goods. D. consumer tastes.