M2 is actually a smaller amount than M1
a. True
b. False
Indicate whether the statement is true or false
False
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An increase in the price of butter in a country between the years 2010 and 2015 indicates: a. a decrease in demand
b. the presence of a surplus. c. a decrease in household earnings. d. the presence of inflation.
Which of the following is true of exchange?
a. The value of a good is determined by the cost of the resources required to produce the good. b. Exchange makes it possible for trading partners to produce more goods through division of labor and adoption of mass production methods. c. Nothing new is created by exchange; if one party to an exchange gains, the other must lose an equal amount. d. Both a and b are true.
Why is the supply curve vertical in this graph?
a. Q1 is fixed.
b. The movement from P1 to P2 is slight.
c. The movement from P1 to P2 is more than 10 percent.
d. Q1 increases upwards, not horizontally.
A general sales tax is a unit tax placed on all retail sales
a. True b. False