The ease with which an asset can be
a. traded for another asset determines whether or not that asset is a unit of account.
b. transported from one place to another determines whether or not that asset could serve as fiat money.
c. converted into a store of value determines the liquidity of that asset.
d. converted into the economy's medium of exchange determines the liquidity of that asset.
d
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If an additional dollar spent on monitoring would reduce shirking by 10 minutes, then the firm will increase the worker's wage by $1 if this caused
A) shirking to increase by less than 10 minutes. B) shirking to decrease by more than 10 minutes. C) shirking to decrease by less than 10 minutes. D) monitoring to become unnecessary.
Economic efficiency and income equality are often conflicting goals in an economy.
Answer the following statement true (T) or false (F)
It is not possible to have a "growth recession" because if the economy grows at all then it is not in a recession.
Answer the following statement true (T) or false (F)
Consider the game tree in Figure 12.8. If Store A and Store B make advertising decision independently:
A. both stores choose to advertise. B. both stores choose not to advertise. C. only Store A chooses to advertise. D. only Store B chooses to advertise.