If something is used as a medium of exchange, then a necessary condition is that it must be
a. a precious metal, such as gold or paper money
b. convertible into gold
c. used in barter exchange
d. in abundant supply
e. accepted by those using it as payment for any purchase
E
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Government action will often result in the counterproductive use of resources because
a. there is often a conflict between winning political elections and adoption of only productive programs. b. many politicians are not interested in how their legislative votes will influence their chances of winning future elections. c. politicians are often unwilling to listen to interest groups that have specialized knowledge. d. voter participation is low; if more people voted, the political process would be more efficient.
Table 5.3National Income Accounts (dollar figures are in billions)Expenditures for consumer goods and services$8,200Exports$1,700Government purchases of goods and services$2,500Social Security taxes$1,900Net investment$1,400Indirect business taxes$1,400Imports$1,900Gross investment$1,800Corporate income taxes$600Personal income taxes$1,500Corporate retained earnings$130Net foreign factor income$100Government transfer payments to households$1600Net interest payments to households$500On the basis of Table 5.3, the value of the income aggregate that is defined as "income received by households before payment of personal taxes" (also known as personal income) is
A. $5,870 billion. B. $10,070 billion. C. $10,600 billion. D. $9,570 billion.
Minimizing average total cost always leads to the maximization of total profit.
Answer the following statement true (T) or false (F)
A monopolistically competitive firm can convince buyers that its product has value by differentiating its product to suit consumers' preferences
Indicate whether the statement is true or false