Money is defined by economists as
A) the market value of an asset.
B) the funds one receives during a specified period of time.
C) any good that is widely accepted in exchange and for the repayment of debts.
D) both b and c
E) all of the above
C
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If consumers' incomes increase and the demand for bus rides decreases
A) bus rides are a normal good. B) consumers are behaving irrationally. C) bus rides are an inferior good. D) none of the above.
Positive externalities are created by people when they
A) add to the net real income of society. B) are altruistic or concerned for the welfare of others. C) benefit others without intending to do so. D) increase the general welfare. E) promote the happiness of others.
In a free market economy, current consumption, saving and investment decisions
A) shape the future course of the national economy. B) are necessarily controlled by big businesses. C) require protection from foreign forces if individuals desire wealth accumulation. D) are controlled largely by the government.
Suppose that production for good X is characterized by the following production function, Q = K0.5L0.5, where K is the fixed input in the short run. If the per-unit rental rate of capital, r, is $25 and the per-unit wage, w, is $15, then the average variable cost of using 81 units of capital and 9 units of labor is:
A. $80. B. $75. C. $5. D. There is insufficient information to determine the average variable costs.