Which of the following describes the medium-of-exchange function of money?
A) noting that Audible.com sells downloadable audio books for $10 per book
B) making a monthly payment toward your car loan
C) paying $30 for a haircut
D) putting away $50 each month into your savings account
Ans: C) paying $30 for a haircut
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The benefit of a subsidy paid on each unit sold will go entirely to the sellers in the market if
A) the supply curve is perfectly inelastic. B) if the subsidy is paid to producers. C) the demand curve is perfectly elastic. D) the supply is perfectly elastic.
Suppose that short skirts that were fashionable in the 1990s become unfashionable in the late 2000s. If other factors were held constant, then there would be
A) a rightward movement along the supply curve. B) a rightward shift of the demand curve. C) a leftward shift in the demand curve. D) a leftward movement along the supply curve.