Money is:
A. anything that is regularly used and generally accepted in economic transactions or exchanges.
B. necessary to conduct economic transactions.
C. facilitates specialization in production.
D. anything the government declares to have value.
Answer: A
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In his article, "The Nature of the Firm," Ronald Coase
a. suggested that monopolies may be more innovative than competitive firms b. argued that the economy should be organized into one large firm c. provided an answer to the question, "Why do firms exist?" d. focused on the concept of adverse selection e. analyzed concentration in U.S. industry
A labor union is an organization representing workers in negotiations with employers over wages, benefits, and working conditions
a. True b. False Indicate whether the statement is true or false
?Figure 7.1 shows the U-shaped cost curves for a producer. In the figure below, A is the marginal cost curve, B is the average variable cost curve, and C is the average total cost curve. The vertical distance between lines B and C at any level of output represents _____.
a. ?average total cost b. ?average marginal cost c. ?marginal cost d. ?average fixed cost e. ?average variable cost
A downward movement along the labor demand curve occurs when ________, assuming all else equal
A) the price of the output that the labor is used to produce increases B) the price of the output that the labor is used to produce decreases C) the wage rate increases D) the wage rate decreases