Money fails to act as a store of value when:
a. it is no longer backed by gold.
b. the inflation rate is very high.
c. the goods produced in an economy are indivisible.
d. the economy goes into a recession.
e. coins are replaced by paper money.
b
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There are six firms in the cresset industry. The market shares of the four largest firms are 50 percent, 20 percent, 10 percent, and 7 percent. The Herfindahl index is
a. 87 b. 4,149 c. 10,000 d. 3,081 e. impossible to calculate because data for the fifth and sixth firms are not given
A consumer's ______ determines the location of their uncompensated demand curve, while the level of their ______ determines the location of their compensated demand curve.
A. income; well-being B. well-being; income C. indifference curves; income D. preferences; well-being