Whether you are studying the money economy of the U.S., Pakistan, China, or the Federated States of Micronesia, for a good to serve as money anywhere, it has to provide three essential services. These are: a medium of exchange, a
a. measure of value, and be portable
b. store of value, and be durable
c. measure of value, and a store of value
d. measure of value, and be portable
e. store of value, and be portable
C
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At the output where the combined amounts of consumer and producer surplus are largest
A. marginal benefit exceeds marginal cost by the greatest amount. B. consumer surplus exceeds producer surplus by the greatest amount. C. the areas of consumer and producer surplus necessarily are equal. D. the maximum willingness to pay for the last unit of output equals the minimum acceptable price of that unit of output.
Please discuss the difference between the terms devaluation and depreciation
What will be an ideal response?
A monopolistically competitive firm in short-run equilibrium:
A) will make negative profit (lose money). B) will make zero profit (break-even). C) will make positive profit. D) Any of the above are possible.
Given the basic rule of thumb for the relationship among inflation, productivity and nominal wage increases, if wages rise by 5 percent and productivity increases 3 percent, one would predict inflation to be:
A. 2 percent. B. 1 percent. C. 0 percent. D. ?1 percent.