Ryan saved $50,000 last year in his bank account so that he could buy a car this year. In this case, money served the function of a ________
A) unit of account B) means of deferred payment
C) store of value D) medium of exchange
C
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U.S. job losses cited by anti-trade critics
A) are mostly a short-term problem in isolated industries. B) are non-existent. C) affect only capital-intensive U.S. industries. D) are mostly due to poor training by U.S. firms.
Pollution problems
a. have existed for many centuries. b. are attributable to modern industrialization. c. can be blamed on the profit system. d. have worsened in every respect in the past forty years.
The short-run market supply in a perfectly competitive market is the horizontal summation of the firms' marginal cost curves when
A. increases in industry output do not affect input prices. B. increases in industry output lead to increases in market price. C. increases in industry output do not affect market price. D. increases in industry output lead to increases in input prices.
Suppose there are 51 firms in a market. The largest firm has sales of $50 million and each of the other firms has sales of $1 million. The Herfindahl-Hirschman Index of this industry is
A. 2,501. B. 2,500. C. 50. D. 2,550.