Shoe-leather costs of inflation arise from the
A) increasing costs of apparel (clothes and shoes) as inflation rises.
B) decline in the use of money as a unit of account.
C) increase of velocity as inflation rises.
D) confusion that results from higher inflation.
E) increasing costs of agricultural products as inflation rises.
C
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Which of the following statements best summarizes why buffalo almost became extinct during the 1800s?
a. Hunters from the East refused to respect the buffalo as the American Indians did. b. Demand for buffalo meat was high in Eastern markets. c. No one owned a buffalo until it was killed. d. Buffalo do not run away upon hearing rifle shots.
In a multi-product firm, cannibalization is
a. An increase in the quality of both the brand's products b. A decrease in the quality of both the brands products c. An increase in both the brand's sales d. An increase in one of the brand's sales due to the decrease in sales of the other.
The opportunity cost of an action is
a. the monetary payment the action required. b. the total time spent by all parties in carrying out the action. c. the value of the best opportunity that must be sacrificed in order to take the action. d. the cost of all alternative actions that could have been taken, added together.
The total market value of the nation's annual final products produced domestically best defines the
A. CPI. B. GNP. C. PPI. D. GDP.