Coins and paper bills used as money:
a. currency
b. commodity money
c. representative money
d. fiat money
Ans: a. currency
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In the figure above, suppose the price of a pound of pecans is negatively related to the quantity of peanuts that farmers are willing to supply. If the price of pecans increases
A) the curve will shift rightward. B) the curve will shift leftward. C) there is a movement along the curve. D) the curve will be unaffected.
The rate at which buyers exchange money for a good or service is known as the price.
Answer the following statement true (T) or false (F)
Expansionary monetary policy during periods of underutilized resources can cause
A. real Gross Domestic Product (GDP) to increase with an increase in the price level. B. real Gross Domestic Product (GDP) to increase with a decrease in the price level. C. real Gross Domestic Product (GDP) to increase without an increase in the price level. D. nominal Gross Domestic Product (GDP) to increase but cannot affect real Gross Domestic Product (GDP).
Refer to the above table. Suppose the firm hires 4 workers and the price of the good sold is $4. The marginal factor cost of labor must be
A. $150. B. $4. C. $600. D. $3080.