Money is
A) anything backed by gold.
B) any durable good.
C) whatever people use as a general medium of exchange.
D) something intentionally created by farsighted people.
C
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If the domestic producers of a good benefit from free trade, it suggests that the country:
A. is a net importer of that good. B. does not have an absolute advantage in that good. C. does not have a comparative advantage in that good. D. is a net exporter of that good.
Aggregate demand and aggregate supply must be combined to determine the price level and the "real" GDP
Indicate whether the statement is true or false
Economic profits in the rent-a-wreck industry are $400,000 per firm. Assuming that the industry is perfectly competitive,
A. new firms will enter and the supply of the car rentals will increase. B. new firms will enter but there will be no effect on the supply of car rentals. C. firms will leave the industry and supply will fall. D. the industry is in equilibrium.
If the firm is incurring losses in the short run, then which of the following is true?
A. P < ATC B. P > ATC C. P > MC D. MC > ATC