Money is the most liquid asset available because
a. it is a store of value.
b. it is a medium of exchange.
c. it is a unit of account.
d. it has intrinsic value.
b
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Some people see the government as being more heavily involved in taking sides than in serving the common interest.
Answer the following statement true (T) or false (F)
If a firm's production function is Leontief and the wage rate goes up, the:
A. firm must use more labor in order to minimize the cost of producing a given level of output. B. firm must use less labor in order to minimize the cost of producing a given level of output. C. cost minimizing combination of capital and labor does not change. D. firm must use more capital in order to minimize the cost of producing a given level of output.
The marginal revenue curve for a perfectly competitive firm will be downward sloping.
Answer the following statement true (T) or false (F)
If a policy maker wants to change taxes to encourage individuals to increase their labor supply, the policy maker should
A. increase taxes by a lump sum. B. reduce the income tax rates that individuals pay. C. reduce taxes by a lump-sum amount. D. increase the income tax rates that individuals pay.