Frank spends Saturday afternoon at the Dodge dealership looking at new trucks. The model that he is interested in has a sticker price of $29,000. The fact that the price is quoted in dollars is an example of money used as a
A) medium of exchange.
B) unit of account
C) store of value.
D) All of the above answers are correct.
B
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People tend to "dress up" for job interviews, even though their clothes do not make them more productive in their positions. This situation is an example of
a. signaling. b. adverse selection. c. the principal-agent problem. d. moral hazard.
Regarding new inventions, which of the following statements is not true?
a. a new invention typically has little competition b. this effective monopoly on the market earns the inventor abundant profit c. that profit gets the attention of other potential inventors, who create competing products d. reduced to zero economic profits, the inventor goes out of business
Inheritance taxes tend to increase income inequality in the long run
a. True b. False Indicate whether the statement is true or false
The price elasticity of supply is higher when
A. the number of buyers in the market decreases. B. the product in question is an inferior good. C. producers have more time to adjust to price changes. D. the number of buyers in the market increases.