Money is what people in a society regularly use when purchasing or selling goods and services.
Select whether the statement is true or false.
A. True
B. False
A. True
This statement is true. Money is what people in a society regularly use when purchasing or selling goods and services.
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Worker mobility and transition aid to workers are two ways to offset some of the impacts of:
A. increasing wage inequality. B. increases in the labor supply. C. the slowdown in productivity growth. D. the slowdown in real-wage growth.
In economics, the practical application of an invention is known as
A) innovation. B) entrepreneurship. C) physical capital. D) technology.
Many firms use odd pricing—charging prices such as $.99 instead of $1.00 and $9.99 instead of $10.00
One reason for this pricing strategy is that consumers will somehow believe that the difference in price appears to be greater than it actually is. Researchers conducted consumer surveys to determine whether this is actually the case. What was the result of these surveys? A) The survey results were inconclusive because most consumers gave unreliable responses to the survey questions. B) Although the results were not conclusive, there is some evidence that odd pricing makes economic sense. C) The surveys found indifference regarding this strategy among most consumers, but hostility among other consumers. The latter group resented what they viewed as an attempt to fool them into buying products with odd prices. Researchers concluded that odd pricing is counterproductive. D) The surveys found that small differences in price cause small differences in quantity demanded. There is no evidence that odd pricing makes economic sense.
As nominal Gross Domestic Product (GDP) rises, people will wish to
A) hold less money for transactions. B) hold more money for transactions. C) spend less. D) invest only in stocks.