Bartering is:
A. very efficient compared to using money.
B. slightly inefficient compared to using money.
C. just as efficient as using money.
D. extremely inefficient compared to using money.
D. extremely inefficient compared to using money.
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What is the equation of exchange? Suppose that real GDP and velocity are constant. In this case, what effect will an increase in the quantity of money have?
What will be an ideal response?
Answer the following statements true (T) or false (F)
1. The production function relates outputs to inputs. 2. The marginal product is the increase in output per additional unit of input. 3. The marginal product decreases, reaches a minimum, and then rises as output increases. 4. As long as the marginal product is falling, the average product falls. 5. The average product decreases any time the marginal product is decreased.
Anthony closes out his account in which he deposited $500 five years ago at an interest rate of 5%. Mark closes out his account in which he deposited $500 ten years ago at an interest rate of 5%. Who had more in their account? About how much more did he have?
Economics is a social science that involves the study of how individuals
A. develop their goals and objectives in life. B. develop their tastes and preferences. C. pursue happiness. D. choose among alternatives to satisfy their unlimited wants.