Which of the following represents a function of money?
A. medium of exchange
B. standard of deferred payment
C. unit of accounting
D. all of these
Answer: D
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The table shows the PPF of an island community. Choose the best state-ment
A. This community has enough resources to produce 2 pounds of fish and 36 pounds of berries. B. This community cannot produce 2 pounds of fish and 36 pounds of berries because this combination is inefficient. C. This community will waste resources if it produces 2 pounds of fish and 22 pounds of berries. D. This community can produce 2 pounds of fish and 30 pounds of berries but this combination is inefficient.
Other things being equal, if there is an increase in the price of the good measured on the vertical axis, the budget constraint will shift outward
a. True b. False Indicate whether the statement is true or false