For a commodity or token to be money it must
A) be accepted in exchange for all other goods and services.
B) have a double coincidence of wants.
C) be backed by government precious metals, like gold.
D) be paper.
E) be issued by the government or a government agency.
A
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The long-run average cost curve is the
A) change in total product divided by the change in capital when the quantity of labor is constant. B) change in output resulting from a one-unit increase in the quantity of capital. C) relationship between the lowest attainable average total cost and output when both the plant size and labor are varied. D) relationship between the lowest attainable average total cost and output when both the plant size and labor are fixed.
Refer to Scenario 13.1. If your negotiated price had been $350 instead of $250, the sum of consumer surplus and producer surplus would be:
A) less than what would have accrued at the $250 price. B) the same as what would have accrued at the $250 price. C) more than what would have accrued at the $250 price. D) None of the above is necessarily correct.
Consumer sovereignty implies that
a. producers determine what goods will be produced and consumers are free to choose from among them b. consumers choose the composition of our economy's output c. goods are produced on the basis of need d. the government directs the production of consumer goods in the economy e. a committee of consumers determines the key issues in the economy
Monetarists believe
A) Real GDP is not determined by M in the long run. B) velocity is constant. C) the SRAS curve is vertical. D) a and c E) a, b and c