Economists who stress the store of value function of money generally
a. argue that M1 is the best measure of the money supply.
b. prefer the M2 measure of the money supply to the M1 measure.
c. argue that M1 is too broad a definition of the money supply.
d. prefer the M1 measure of the money supply to the M2 measure.
B
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If input prices for a perfectly competitive firm increase as the output of the industry expand in the long run, the long-run industry supply curve will:
a. have a positive slope. b. have a negative slope. c. be perfectly horizontal. d. be perfectly vertical.
In the 1950s, about ________ of U.S. workers were in unions.
A. 3/4 B. 1/4 C. 1/2 D. 1/3
The North American Industry Classification System (NAICS) categorizes firms by:
A. market structure, ranking them from perfectly competitive to monopoly. B. market share, and groups firms with like market power. C. profits, since profits tend to be higher in more concentrated industries. D. type of economic activity, and groups firms with like production processes.
The quintessential example of substitute goods would be
A. Ramen Noodles for a poor college student. B. the switching of Granny Smith for Golden Delicious apples. C. peanut butter and jelly for a young boy or girl. D. steak for someone who liked beef.