Which of the following is a reason why the Japanese yen is considered money?
a. It is backed by gold.
b. Its value over the years has varied significantly.
c. Goods in Japan are priced in terms of the yen, the most liquid asset of the economy.
d. It is backed by silver.
e. It is an asset that lacks liquidity.
c
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Demand is price inelastic if ________ percentage change in the price leads to a ________ percentage change in the quantity demanded
A) a small; large B) a large; small C) any; large D) Both answers A and B are correct. E) None of the above answers is correct.
When the price level increases people:
A. feel less wealthy. B. feel more wealthy. C. experience a bubble forming in the economy overall. D. have the same real value of assets, regardless of the change in the price level.
Maximum Feasible Hourly Production Rates of EitherComputers or Bicycles Using All Available ResourcesProductUnited StatesChinaComputers83Bicycles26 Refer to the above table. Assuming that opportunity costs are constant, the opportunity cost of producing a computer in the United States is equal to ________, and the opportunity cost of producing a computer in China is ________.
A. 2.67 computers; 0.33 bicycles B. 0.375 bicycle; 3 computers C. 4 bicycles; 0.5 bicycles D. 0.25 bicycle; 2 bicycles
If the demand curve for a firm's output is P=100-2Q, the total revenue curve will be
A. TR=2P*Q. B. TR=100Q-2Q2. C. TR=100-2Q. D. TR=100Q-Q2.