The early goldsmiths issued money in the form of
a. coins made from gold in their safes.
b. receipts for the acceptance of gold deposits.
c. gold fragments left over from the production of jewelry.
d. fully backed gold certificates.
b
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A price ceiling leads to a(n) ________ if below equilibrium price
A) increase in social well-being B) increase in producer surplus C) decrease in market demand D) decrease in total surplus
A growing consensus among economists is that ________ policy is better suited for controlling GDP because of the promptness of ________ in making policy decisions
A) monetary, the Federal Reserve B) monetary, Congress C) fiscal, the Federal Reserve D) fiscal, Congress
The difference between scarcity and a shortage is that
A) scarcity is caused by poverty and shortages are caused by natural disasters. B) shortages are a type of scarcity caused by natural disasters while scarcity is caused by human errors. C) scarcity always is a part of human life while shortages usually are temporary. D) shortages are always part of human life while scarcity is usually temporary.
In the above table, what is the marginal factor cost of the 6th worker?
A) $30 B) $18 C) $120 D) $20