When money enables us to convert excess goods into money and retain the money, it is acting as a
a. medium of exchange.
b. standard of value.
c. standard of deferred payment.
d. store of value.
d. store of value.
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The relationship between annual real per-capita GDP and corruption across countries has been found to be
A) negative. B) positive. C) The relationship was negative in the late 1960s but is now positive. D) The relationship was in the late 1960s but is now negative. E) There is no relationship between these two variables.
Assume the firms firms operating in an oligopolistic market experience a relatively small change in marginal costs. According to the kinked demand curve model this would:
A) cause a large change in the profit-maximizing level of output. B) leave the equilibrium price unchanged. C) cause the profit-maximizing level of output to change by the same amount and in the same direction. D) cause the profit-maximizing price to change by the same amount but in the opposite direction.