For a commodity to function effectively as money it must be
A) easily standardized, making it easy to ascertain its value.
B) difficult to make change.
C) deteriorate quickly so that its supply does not become too large.
D) hard to carry around.
A
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If Tom's total utility from watching one more minute of television increases but the increase for each additional minute is smaller than the previous minute, he has diminishing marginal utility
Indicate whether the statement is true or false
As price increases, demand typically
a. becomes more elastic b. becomes less elastic c. does not change d. elasticity does not change
What is the shape of the average total cost curve for a firm in the short run?
a. U-shaped. b. A horizontal line. c. A vertical line. d. A curve that slopes upward to the right.
In the United States between 2000 and 2015, the Gini coefficient
A. Increased, indicating less income inequality. B. Decreased, indicating less income inequality. C. Decreased, indicating greater income inequality. D. Increased, indicating greater income inequality.