The unit-of-account function of money means that money is used
A) as a consistent means of measuring the value of things.
B) as the common denominator of future payments.
C) to pay for goods and services.
D) to accumulate purchasing power.
Ans: A) as a consistent means of measuring the value of things.
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A change in the price of important inputs will change the quantity supplied but will not shift the supply curve.
Answer the following statement true (T) or false (F)
The additional cost associated with hiring one additional unit of some factor input, such as labor, is referred to as
A) marginal physical product of labor. B) marginal revenue cost. C) marginal factor cost. D) marginal revenue product.
Which of the following is an implicit cost?
a. salaries paid to owners who work for their own firm b. interest on money borrowed to finance equipment purchases c. cash payments for raw materials d. wages paid to hourly employees e. foregone interest on money taken from bank accounts to buy equipment
Fighting inflation and fighting sluggish growth require:
A. opposite actions from policy makers. B. fiscal and monetary policy actions, respectively. C. monetary and fiscal policy actions, respectively. D. similar actions from policy makers.