What is the "unit of account" function of money?
a. A common measurement of the relative value of different goods and services.
b. The ability of money to hold value over time
c. The quality of money not to be hoarded because of its commodity value.
d. The function of money to be widely accepted I exchange for goods and services.
a
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The real exchange rate is:
A. difficult to calculate because it relies on very different "typical" baskets of goods. B. a useful proximity of how far your dollars will go in another country. C. the best measurement we have to get a sense of whether purchasing power parity holds or not. D. All of these statements are true.
According to Scenario 4-1, country B is running a:
a. trade deficit with country A and a trade surplus with country C. b. trade surplus with both countries A and C. c. trade surplus with country A and a trade deficit with country C. d. trade deficit with both countries A and C. e. balanced trade with country A and a trade deficit with country C.
A monopolist will stop production when MR equals MC
a. True b. False Indicate whether the statement is true or false
Assumptions can simplify the complex world and make it easier to understand
a. True b. False Indicate whether the statement is true or false