Money that can be easily separated into smaller units of value has the characteristic of _____.
(A) Exchange
(B) Denominations
(C) Durability
(D) Divisibility
Ans: (D) Divisibility
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Explain what will happen when the government imposes a minimum price that is below the market equilibrium price. Why is this true?
What will be an ideal response?
If per capita real income grows by 2 percent per year, then it will double in approximately 20 years
a. True b. False Indicate whether the statement is true or false
Which of the following is true? a. People specialize by concentrating their energies on the activity to which they are best suited, because they incur lower opportunity costs as a result. b. One advantage of specialization is that workers acquire greater skill from repetition
c. If a person, a region, or a country can produce a good or service at a lower opportunity cost than others, we say that they have a comparative advantage in the production of that good or service. d. All of the above are true.
In a perfectly competitive market equilibrium,
a. each firm's marginal cost is equal to the market price b. each consumer's marginal utility is equal to the market price c. each firm's marginal cost is equal to each consumer's marginal utility d. price equals minimum marginal cost e. price equals minimum average total cost