If something is used as a measure of value, then a necessary condition is that it must
a. serve as a yardstick for measuring the value of other goods
b. be a precious metal, such as gold or paper money
c. be convertible into gold
d. be used in barter exchange
e. be accepted as payment for any purchase
A
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Which of the following events will increase the quantity demanded of bottled water?
A) a fall in the price of bottled water B) a rise in the price of bottled water C) a rise in the price of a fitness club membership D) a fall in the price of soda E) an increase in the number of buyers of bottled water
Refer to the table below. If the world price is $5.00, there will be:
Use the following table for Country X to answer the question below. Column 1 of the table is the price of a product. Column 2 is the quantity demanded domestically (Qdd) and Column 3 is the quantity supplied domestically (Qsd).
A. A domestic surplus of 100 units that will be exported
B. A domestic shortage of 100 units that will be imported
C. A domestic surplus of 200 units that will be exported
D. Neither a domestic surplus nor a shortage