A velocity of 4 means money stays with each owner for an average of 4 years.
Answer the following statement true (T) or false (F)
False
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If product prices were stated in terms of tobacco leaves, then tobacco leaves would be functioning primarily as
A. a unit of account. B. fiat money. C. legal tender. D. a store of value.
Regarding costs, which of the following statements is true?
a. costs can be measured in different ways b. costs appropriate for financial reporting purposes are appropriate for decision-making purposes c. the relevant cost in economic decision making is the initial cost d. sunk costs should always be considered in making operating decisions e. none of these is true
Excess capacity characterizes firms in monopolistically competitive markets, even in situations of long-run equilibrium
a. True b. False Indicate whether the statement is true or false
When there is a change in one market, _______________ are effected
Fill in the blank(s) with the appropriate word(s).