Which of the following is not a durable good?
A) furniture
B) automobile
C) clothing
D) refrigerator
Answer: C
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In the classical model, real Gross Domestic Product (GDP) per year is
A) determined by supply and demand conditions together. B) supply determined. C) demand determined. D) due to supply conditions plus the extent of government intervention in the economy.
As the payments system evolves from barter to a monetary system,
A) commodity money is likely to precede the use of paper currency. B) transaction costs increase. C) the number of prices that need to be calculated increase rather dramatically. D) specialization decreases.
Banks that actively manage liabilities will most likely meet a reserve shortfall by
A) calling in loans. B) borrowing federal funds. C) selling municipal bonds. D) seeking new deposits.
Suppose a cost function is TC = Aq3 + bq2 + cq + d. Then the average total cost is
a. Aq2 + bq + cq +d/q b. Aq2 + bq + c c. Aq3 + bq2 + cq d. d