Which of the following applies to the "value of money"?
i. It is the inverse of the price level.
ii. The value of money falls during economic expansions.
iii. It is the quantity of goods and services that a unit of money will buy.
A) iii only B) i and ii C) i, ii and iii D) ii and iii E) i and iii
E
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For a perfectly competitive firm, the long-run supply curve is the long-run average cost curve.
Answer the following statement true (T) or false (F)
In the circular flow model, savings is considered a leakage because
A. it does not get counted toward an individual’s accumulated wealth. B. it becomes an input toward venture capital C. it contributes to the budget surplus. D. it is the amount that consumers do not spend of their disposable income.
The cross-price elasticity of demand between two goods that are substitutes can never be:
A. greater than one. B. positive. C. negative. D. less than one.
According to the Application, Singapore's gross savings rate is about ________ percent, which is one of the ________ in the world
A) 84; highest B) 27; lowest C) 48; highest D) 48; lowest