Credit cards are
A) not money.
B) not money, because they can't be used to purchase goods and services.
C) considered to be money.
D) counted as a part of M2 but not M1.
Ans: A) not money.
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Which of the following are required for economic growth? i. more goods and services produced per hour of work ii. an increase in the average hours of labor per person iii. an increase in prices
A) i and iii B) i and ii C) ii and iii D) i only E) ii only
The saying “the lower the price, the better” may not always be correct for an economy’s public interest because
A. people should have to pay for what they want. B. people will overuse something they perceive as being cheaper than the utility they receive for it. C. the government can no longer afford to provide all the goods and services it provides because it is slowly going broke. D. cheaper prices will make people buy less of other things.
What does the term "increasing marginal opportunity cost" mean? How are increasing marginal opportunity costs represented on a bowed out production possibilities frontier?
What will be an ideal response?
Consider an antique auction where bidders have independent private values. There are two bidders, each of whom perceives that valuations are uniformly distributed between $100 and $1,000. One of the bidders is Sue, who knows her own valuation is $200. What is Sue's optimal bidding strategy in an English auction?
A. Keep bidding until the bid exceeds $200. B. Submit a bid that is less than $150. C. Submit a bid of $150. D. Submit a bid of $200.