Commodity money is a good
A) that is designated as money by law.
B) used as money that has no intrinsic value.
C) used as money that has no secondary use.
D) used as money that also has value independent of its use as money.
D
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Demonstrating how an economic variable changes from one year to the next is best illustrated by a
A) time-series graph. B) scatter diagram. C) Venn diagram. D) linear graph. E) cross-section graph.
What is the ratio that defines labor productivity?
A) (Y/N) B) (Y/Q) C) (Y/A) D) (Y/K)
The three business cycle models differ mostly in their treatment of ________
A) aggregate demand B) short-run aggregate supply C) long-run aggregate supply D) productivity shocks
The inverse supply curve of coffee beans equals P = -5 - 2rain + Qs, where rain equals the number of inches of rain per year. How much does quantity supplied change when rain increases from 30 inches to 40 inches per year?
A) Qs decreases by 40. B) Qs increases by 40. C) Qs increases by 30. D) Qs decreases by 30.