Given the list of assets below, which is the most liquid?
A) $500 worth of General Motors common stock
B) $500 worth of General Motors bonds
C) A $500 travelers check
D) A one-ounce gold coin
C
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As the wage rate decreases, the amount of time spent on market work usually
a. increases because the opportunity cost of nonmarket work increases b. increases because of the substitution effect c. decreases because of the income effect d. decreases because the value of leisure time increases e. decreases because the opportunity cost of leisure declines
Society definitely benefits by reducing the number of monopolistically competitive firms
a. True b. False Indicate whether the statement is true or false
Suppose you are deciding whether to spend your tax rebate check on a new iPod or a new digital camera. You are dealing with the concept of
A. the fallacy of composition. B. equity. C. comparative advantage. D. opportunity costs.
Economists define the unemployed as individuals who are
A. working less than their desired amount of time. B. not currently working but are actively looking for work. C. not currently working. D. working but looking for a different job.