One of the principal defects of using a commodity as money is that its worth as a:
A. commodity may exceed its worth as money, causing it to cease functioning as a medium of exchange.
B. medium of exchange may exceed its worth as a store of value, causing it to cease being useful as money.
C. medium of exchange may exceed its worth as a standard of account, causing it to cease being useful as money.
D. unit of account may exceed its worth as a store of value, causing it to cease being useful as money.
Answer: A
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Suppose the firms in a perfectly competitive industry are earning positive economic profits
How will these positive profits affect the flow of resources into the industry? How will the equilibrium quantity and price change in the industry because of the profits?
Since a monopolistically competitive firm faces a ____ demand curve, it will always operate ____ in long-run equilibrium
a. perfectly elastic; with excess capacity b. downward-sloping; with excess capacity c. downward-sloping; at an economically efficient scale d. perfectly inelastic; at an economically efficient scale
Agreeing to iron your roommates shirts while she types up the paper you have written is an example of which of the following:
a. Barter b. Opportunity Cost c. Sunk Cost d. Absolute Advantage
For the labor force to definitely increase,
A. People must turn from being discouraged workers into people actively seeking employment. B. There must be an increase in immigration. C. There must be an increase in total population. D. None of the choices are correct.