Developments which marked the beginning of the modern period of Western Europe around the year 1500 did not include which of the following?
(a) The rise of nation states and decline in power of the feudal nobility
(b) The Protestant Reformation
(c) Creation of national markets, commercial growth and exploration abroad
(d) The rise of Islam to centralized power in North America
(d)
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If 80,000 people want tickets to the World Series at the current price, and there are only 55,000 tickets available,
A) the cost of obtaining a ticket for someone who doesn't yet have one will be greater than the price stamped on its face. B) the demand for tickets is highly elastic. C) the price is too low. D) the quantity purchased will be greater than the quantity supplied.
Money's function as a medium of exchange means that
A) money is a common denominator for expressing the prices of goods and services. B) money can be used to store wealth. C) money serves as an acceptable means of payment. D) money requires a double coincidence of wants.