Which of the following statements is true?
A) Hours of labor that go into producing a product is a better unit of account than paper money.
B) When money is used as a yardstick to describe the price of various goods and services, it is serving as a store of value.
C) The necessary condition required for money to function as a medium of exchange is that it also needs to be a store of value.
D) One of the limitations of using money is that it does not allow for the transfer of purchasing power into the future.
C
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If a monopolistic competitor earns a total profit of $6,000 by selling 50 units of output at a price of $400 per unit, its total cost of production is $14,000
a. True b. False Indicate whether the statement is true or false
Penalties on sellers
What will be an ideal response?
Suppose that a new seed technology improves corn yield by 20%. What is the market effect of that new technology?
A. A shift to the left of the supply curve that causes an increase in the price of corn. B. A shift to the left of the demand curve that causes a decrease in the price of corn. C. A shift to the right of the demand curve that causes an increase in the price of corn. D. A shift to the right of the supply curve that causes a decrease in the price of corn.
Use the aggregate expenditures model and the following values to answer the next question.AMPCIGT$9000.9$2,500$2,500$1,000Determine the change in the equilibrium level of Consumption (find ?C) following a decrease in investment from 2,500 to 2,000 (?I = -$500).
A. negative $4,500 B. positive $4,500 C. negative $4,000 D. positive $4,000