A $70 price tag on a sweater in a department store window is an example of money functioning as a:
A. medium of exchange.
B. store of value.
C. standard of deferred payments.
D. unit of account.
Answer: D
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The slope of a producer's production possibilities frontier represents the producer's
A) sunk costs of production. B) average costs of production. C) marginal costs of production. D) total costs of production.
Which of the following is a problem associated with gross domestic product (GDP) as a measure of social welfare? a. It includes many nonmarket activities
b. It takes into account the value of only those goods which are widely used. c. It takes into account the cost of environmental damage caused by pollution. d. It includes intermediate goods as a separate entry. e. It excludes the value of leisure time.
Consumer surplus arises in a market because
A. at the current market price, quantity demanded is greater than quantity supplied. B. the market price is higher than what some consumers are willing to pay for the product. C. the market price is below what some consumers are willing to pay for the product. D. at the current market price, quantity supplied is greater than quantity demanded.
Refer to Scenario 3.1 below to answer the question(s) that follow.SCENARIO 3.1-Streaming movies and movies shown in theaters are substitutes. -Streaming movies and OLED TVs are complements. -OLED TVs and movies shown in theaters are normal goods. -People watch streaming movies more often in the winter than in the summer.Refer to Scenario 3.1. Most OLED TVs sold in the United States are imported from Asia. If the United States government eliminates a quota that reduced the number of OLED TVs that can be imported into the United States, ceteris paribus, what would happen?
A. The price of OLED TVs would increase and the price of streaming movies would decrease. B. The price of OLED TVs would decrease and the price of streaming movies would increase. C. The price of OLED TVs and the price of streaming movies would increase. D. The price of OLED TVs and the price of streaming movies would decrease.