When money is used to compare the relative price of an apple and an orange, money is being used as a _______ .
A) medium of exchange.
B) store of value.
C) measurement of inflation.
D) unit of account.
E) token of bartering.
D) unit of account.
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In the specificfactors model, migration of labor will cause:
a. the wage to rise in the receiving country and the wage to fall in the sending country. b. the wage to fall in the receiving country and the wage to rise in the sending country. c. the wage to rise in both the receiving and sending countries. d. the wage to fall in both the receiving and sending countries.
A firm sells a product in a purely competitive market. The marginal cost of the product at the current output of 1,000 units is $2.50. The minimum possible average variable cost is $2.00. The market price of the product is $2.50. To maximize profits or minimize losses, the firm should:
A. Continue producing 1,000 units B. Continue production, but produce less than 1,000 units C. Increase production to more than 1,000 units D. Shut down