In the old Chesapeake colonies, tobacco leaves were used to make payments and to pay fines and taxes. Which of the following problems would it be most likely to have had as a form commodity money?
a) Its value was not easy to determine.
b) It was not durable.
c) It was not divisible.
d) It was not readily accepted by many people.
Ans: b) It was not durable.
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From Example 7.2, most pizza restaurants have large fixed costs and relatively low variable costs. What does this tell us about the average variable cost (AVC) of producing pizza?
A) AVC is relatively low B) AVC is relatively high C) AVC is high for low quantities but declines quickly D) AVC is increasing for all quantity levels
The income in the low-income countries is more unevenly distributed than in middle-income or high-income countries
Indicate whether the statement is true or false
The richest American is ______.
Fill in the blank(s) with the appropriate word(s).
Explain what effect a reduction in future expected output will have on the IS curve and LM curve in the current period
What will be an ideal response?