Economies cannot function without money
Indicate whether the statement is true or false
FALSE
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Differentiate between the four market structures on the basis of the type of products sold
What will be an ideal response?
The smaller the underground economy the more will be the overstatement of the official unemployment rate
a. True b. False Indicate whether the statement is true or false
Consumer goods that are produced, go into inventory, and are not sold during the current period are
a. counted as intermediate goods and so are not included in current period GDP. b. counted in current period GDP only if the firm that produced them sells them to another firm. c. included in current period GDP as inventory investment. d. included in current period GDP as consumption.
Explain whether a monopoly that maximizes profit will also be maximizing revenue and production
What will be an ideal response?