Though many assets can be used as a store of value, money is a particularly attractive method to store value because
a. it increases in value as prices rise.
b. its purchasing power does not decline when prices rise.
c. it is the most liquid of all assets.
d. it is backed by gold.
C
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Which of the following would likely be the most affected when the economy is in the recession phase of the business cycle?
A) gasoline sales B) housing sales C) beer and wine sales D) movie ticket sales
The marginal resource cost is the amount by which an additional unit of input decreases the firm's variable costs
a. True b. False Indicate whether the statement is true or false
Assume that Maya and Miguel each has 60 hours available. If each person divides his/her time equally between the production of mixers and toasters, then total production is
A. 3.5 mixers and 6 toasters. B. 20 mixers and 12 toasters. C. 8 mixers and 16 toasters. D. 15 mixers and 9 toasters.
Typically, the higher the level of income per person in a country, the higher the level of spending per person on health care. This relationship between income and spending indicates that health care is a
A) normal good. B) inferior good. C) luxury. D) necessity.