Which of the following are examples of "mediums of exchange"?
A) pigs used to obtain chickens B) goods used to obtain other goods
C) money used to buy goods D) all of the above
D
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If aggregate planned expenditure is greater than real GDP,
A) a planned decrease in inventories leads to a decrease in production. B) a planned increase in inventories leads to an increase in production. C) an unplanned decrease in inventories leads to an increase in production. D) an unplanned decrease in inventories leads to an increase in the price level. E) an unplanned increase in inventories leads to a decrease in production.
Sam quits his job as an airline pilot and opens his own pilot training school. He was earning $40,000 as a pilot. He withdraws $10,000 from his savings where he was earning 6 percent interest and uses the money in his new business. He uses a building he owns as a hanger and could rent it out for $5,000 per year. He rents a computer for $1,200, buys office supplies for $500, rents an airplane for
$6,000 . pays $1,300 for fuel and maintenance, and hires one worker for $30,000 . Sam's total revenue from pilot training classes equaled $90,400 . Sam's implicit costs for this year are equal to: a. $84,400. b. $39,000. c. $55,000. d. $45,600. e. $40,000.
Which diagram illustrates the effects on the peanut butter market, if severe flooding destroys a large portion of the peanut crop in the economy?
What will be an ideal response?
When the economy is in a slump, labor productivity tends to fall because firms have
A. too little capital. B. too little labor. C. excess labor. D. excess capital.