When you use money to fill your car with gas every week, you are using money as a unit of account.
Answer the following statement true (T) or false (F)
False
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Mutual interdependence occurs when
A) all firms in an industry are affected by the same macro economic conditions, such as a recession, inflation, interest rates, exchange rates, etc. B) the actions of firms are independent of each other. C) the actions of one firm in an industry are easily recognized and perhaps copied by others. D) monopolists recognize that they must face eventual competition in the long run.
Assume that black beans and rice are staples in the diet of one particular family. How could you tell if these goods were complements, substitutes, or unrelated goods?
a. If the price of black beans rose and the consumption of rice remained the same, they would be substitutes. b. If the price of black beans rose and the consumption of rice increased, they would be substitutes. c. If the price of black beans rose and the consumption of rice decreased, they would be substitutes. d. If the price of black beans rose and the consumption of both goods remained the same, they would be complements. e. There is no way to determine whether these goods are complements, substitutes, or unrelated goods.
Which of the following is correct?
a. The short-run, but not the long-run, aggregate supply curve is consistent with the idea that nominal variables do not affect real variables. b. The long-run, but not the short-run, aggregate supply curve is consistent with the idea that nominal variables do not affect real variables. c. The long-run and short-run supply curves are both consistent with the idea that nominal variables affect real variables. d. Neither the long-run nor the short-run aggregate supply curve is consistent with the idea that nominal variables affect real variables.
When the residents of a nation are free to trade with foreigners, domestic producers will be able to
What will be an ideal response?