For something to satisfy the medium-of-exchange function of money, it must be
A) backed by gold.
B) readily exchangeable for other goods.
C) issued by a central bank.
D) an inherently valuable commodity.
B
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What is the relationship between marginal revenue and total revenue?
A. Total revenue equals marginal revenue multiplied by quantity sold B. Total revenue equals marginal revenue minus total costs C. Total revenue equals marginal revenue plus the price of all products sold D. Total revenue equals marginal revenue plus fixed costs plus variable costs
In the prisoner's dilemma,
a. the prisoners easily collude in order to achieve the best possible payoff for both b. only one player has a dominant strategy c. each player has a dominant strategy d. playing the dominant strategy leads to a better payoff for one prisoner than if the two jointly selected a strategy e. playing the dominant strategy leads to a better payoff for both prisoners than if the two jointly selected a strategy
Often, government spending increases due to log-rolling among politicians. Log-rolling is when politicians vote for which of the following?
a. projects the government leadership supports even when the citizens who elected the politician do not b. projects in their districts that are not efficient for the nation c. projects they normally would not support in return for other politicians voting for their projects d. projects that have benefits for the nation that outweigh their costs
Which of the following will most likely result from an unanticipated decrease in aggregate supply due to unfavorable weather conditions in agricultural areas?
What will be an ideal response?