The absolute price of a good is the price of that good in terms of another good
Indicate whether the statement is true or false
False
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Which of the following is not one of the functions of money?
a. unit of account b. means of deferred payment c. encouraging people to barter d. medium of exchange
Which one of the following assets has the greater liquidity?
a. A $10 pizza b. A $10 ticket to next week's basketball game c. A $100 stereo d. A dollar bill e. A $200 U.S. savings bond
The total amount of output producers are willing and able to produce at alternative price levels in a given time period is known as:
A. Aggregate demand. B. Aggregate supply. C. Real GDP. D. Macro equilibrium.
Given the production function and total cost function shown in Chapter 4, as production increases, marginal costs
A. increase for a while and then decrease. B. decrease for a while and then increase. C. decrease constantly. D. increase constantly.