Which of the following is TRUE?
I. Checks are considered money because they can be used as a medium of exchange.
II. Checks represent a transfer of money.
A) I only
B) II only
C) both I and II
D) neither I nor II
B
Economics
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Deadweight loss exists when a market is operated by a monopoly because the monopolist produces at an output level that is ____ the socially optimal level
Fill in the blank(s) with the appropriate word(s).
Economics
If a 5 percent decrease in income leads to a 15 percent decrease in the demand for a good, the income elasticity of demand equals
A) -1/3 and the good is an inferior good. B) 1/3 and demand for the good is income elastic. C) 3 and the good is a normal good. D) -3 and the demand for the good is income inelastic. E) 3 and the good is an inferior good.
Economics