When a baker exchanges a pie for dollars, this is an example of dollars serving as
A. a unit of account.
B. a store of value.
C. a medium of exchange.
D. barter.
Answer: C
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Refer to the scenario above. A basket of goods worth $1 in the U.S. has a price of ________ in Country 2
A) 320 ritz B) 50 ritz C) 12.5 ritz D) 25 ritz
If a $500 tax is placed legally (statutorily) on the sellers of new violins and as a result the price of violins to consumers rises by $400, then the actual burden of the tax
a. falls completely on violin buyers. b. falls completely on violin sellers. c. is $400 on violin buyers and $100 on sellers. d. is $100 on violin buyers and $400 on sellers.
Which of the following would be most likely to help the residents of a nation produce a larger output and consume a wide variety of products at economical prices
What will be an ideal response?
Suppose you own $50,000 of personal property, $5,000 of stock in General Statics Corporation, a $10,000 savings account, and $20,000 of government bonds. If General Statics goes bankrupt, the most you could lose is:
A. $5,000. B. $35,000. C. $85,000. D. $50,000.