Money must be ________ which includes the fact that is should ________
A) generally accepted as a means of payment; be recognizable and divisible into small parts
B) backed by gold; not decrease in value over time
C) whatever is used in a barter system; transferable across countries' borders
D) accepted as a means of payment across countries' borders; not be fiat money
E) in physical form; not be transferable using electronic means
A
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The market demand curve for a perfectly competitive industry is the horizontal summation of each individual firm's demand curve
Indicate whether the statement is true or false
Refer to Figure 35.3 for the production possibilities curves for the United States and Mexico. These two curves indicate that
A. Mexico should specialize in the production of tomatoes. B. Mexico should specialize in the production of machinery. C. The United States should specialize in the production of machinery. D. The United States should specialize in the production of both goods because it has an absolute advantage in the production of both.
Models should:
A. not be applied to microeconomics. B. attempt to include every detail of the situation being studied. C. describe a real life situation accurately. D. attempt to describe a situation with perfect accuracy.
Authorization to start a business issued by the local government is called a/an
A. liability B.IPO C. royalty D. business license