Which of the following is the best definition of money?
a. Anything generally accepted as payment for goods or repayment of debt
b. Anything that can be converted to a liquid asset
c. A national currency that is backed by gold or other precious metals
d. Paper or coin currency that is produced by the Federal Reserve
A
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The best way to interpret polynomial regressions is to
A) take a derivative of Y with respect to the relevant X. B) plot the estimated regression function and to calculate the estimated effect on Y associated with a change in X for one or more values of X. C) look at the t-statistics for the relevant coefficients. D) analyze the standard error of estimated effect.
This table shows the total costs for various levels of output for a firm operating in a perfectly competitive market.PriceQuantityTC$500$10.00$501$20.00$502$27.50$503$77.50$504$147.50$505$250.00According to the table shown, the firm's marginal costs:
A. decrease until the 2nd unit, then increase. B. increase as output increases. C. increase until the 4th unit, then decrease. D. are constant.
Under a Coase bargaining solution, deal making between the two parties continues until the marginal ________ to the harmed party equals the marginal ________ to the other party.
A. benefit; benefit B. benefit; cost C. cost; benefit D. cost; cost
The minimum efficient scale is
A) the level of output where diminishing returns have not set in yet. B) the plant size that yields the most profit. C) the smallest level of operation where long-run average costs are lowest. D) the smallest output level where the firm finally reaches productive efficiency.