The development of money as a medium of exchange has facilitated the expansion of trade because
A. holding money increases people's wealth.
B. no other mediums of exchange are available.
C. holding money increases people's income.
D. money eliminates the "double coincidence of wants" problem.
Answer: D
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If a profit-maximizing firm hires an additional unit of labor, what must be true about labor's wage and marginal revenue product?
a. Its wage always equals its marginal revenue product. b. Its wage is always greater than its marginal revenue product. c. Its wage is always total revenue minus marginal revenue product. d. Its wage is always greater than or equal to its marginal revenue product. e. Its wage is always less than or equal to its marginal revenue product.
A straight line demand curve has a different elasticity of demand at different points along the curve
a. True b. False Indicate whether the statement is true or false
A worker would be hurt least by inflation when the:
A. worker anticipates inflation and increases savings at the bank. B. worker is protected by a cost-of-living adjustment clause in an employment contract. C. price level increases but at a decreasing rate. D. worker is protected by fixed annual increases in wages and benefits in an employment contract.
Refer to the information provided in Figure 23.2 below to answer the question(s) that follow.
Figure 23.2Refer to Figure 23.2. Positive saving occurs along the line segment
A. BC. B. DC. C. BA. D. AC.