Any asset that sellers will accept as payment is a(n)
A) medium of exchange.
B) unit of accounting.
C) store of value.
D) standard of deferred payment.
A
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Answer the following statements true (T) or false (F)
1. Total annual production in the United States is in excess of $14 trillion. 2. The ability to produce a good or service using fewer resources than other producers use is known as comparative advantage. 3. Japan has a low standard of living because of its shortage of resources. 4. Technological development can be applied to the improvement of human capital as well as physical capital.
A firm’s AC will eventually begin to rise because
A. managers’ salaries rise with output. B. bottlenecks may be reached for some inputs. C. MFC begins to rise near capacity. D. the range of negative returns is reached.
If a central bank had to give up its discretion and follow a rule that required it to keep inflation low,
a. the short-run Phillips curve would shift up. b. the short-run Phillips curve would shift down. c. the long-run Phillips curve would shift right. d. the long-run Phillips curve would shift left.
Which of the following indicates a fall in revenue?
a. Price decreases 20%; quantity demanded increases 25%. b. Price decreases 15%; quantity demanded increases 8%. c. Price decreases 5%; quantity demanded increases 10%. d. Price decreases 12%; quantity demanded increases 15%.