Money is still useful during times of inflation because
A) it still retains the characteristic of predictability of value.
B) its opportunity cost falls as inflation rises.
C) more money can be made so people can still purchase the goods and services they want.
D) it is not a liquid asset.
A
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Refer to Figure 11-1. Diminishing marginal returns is illustrated in the per-worker production function in the figure above by a movement from
A) B to C. B) C to D. C) D to C. D) A to C.
The Malthusian population trap model has been criticized on the grounds that it
(a) ignores the role of technological progress. (b) assumes that population growth is primarily determined by individual choice over the number of children to have. (c) both (a) and (b) are correct. (d) neither (a) nor (b) is correct.
Other things being equal, the relationship between price and quantity supplied is
A) negative. B) constant. C) positive. D) non-existent.
The incidence of a payroll tax is borne by both employers and employees
a. True b. False Indicate whether the statement is true or false