The value of money or income in terms of the quantity of goods the money can buy is called its
A) nominal value. B) marginal value. C) real value. D) implicit value.
C
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It usually takes less time to buy a six-pack of 7-Up, a loaf of bread, and a half-gallon of ice cream at a small convenience store (such as a 7-Eleven) than at a large, full-service grocery store. Which of the following persons is most likely to buy these items at a convenience store?
A) a person with a high opportunity cost of time B) a person with a low opportunity cost of time C) a person who is out of work D) a person who works at a full-service grocery store
In the United States, the money supply (M1) is comprised of:
A. coins, paper currency, and checkable deposits. B. currency, checkable deposits, and Series E bonds. C. coins, paper currency, checkable deposits, and credit balances with brokers. D. paper currency, coins, gold certificates, and time deposits.
Suppose that the wage for teachers increases relative to other occupations. We know that ________ people will work as teachers, and the total number of hours worked will ________.
A. more; increase B. more; decrease C. fewer; increase D. fewer; decrease
If the dollar appreciates against the Mexican peso
A) Mexican imports to the U.S. become more expensive. B) U.S. exports to Mexico become less expensive. C) U.S. exports to Mexico become more expensive. D) The value of Mexican imports to the United States does not change.