The concept of money as a "unit of account" involves the use of money to
a. speed transactions.
b. reduce shopping time.
c. protect against inflation.
d. quote prices.
d
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All of the following cost curves are U-shaped except one. Which curve is not U-shaped?
A) the average variable cost curve B) the marginal cost curve C) the average total cost curve D) the average fixed cost curve
Gresham's Law:
a. applies only to bimetalism issues. b. applies only to monetary issues in general. c. applies to a wide variety of situations. d. is only understood after taking graduate-level courses.
Evidence from empirical studies of long-run cost-output relationships lends support to the:
a. existence of a non-linear cubic total cost function b. hypothesis that marginal costs first decrease, then gradually increase over the normal operating range of the firm c. hypothesis that total costs increase quadratically over the ranges of output examined d. hypothesis that total costs increase linearly over some considerable range of output examined e. none of the above
If a firm's average cost is currently $100, and the marginal cost is $95, then the average cost is currently falling
a. True b. False Indicate whether the statement is true or false