Which of the following statements regarding the use of gold as money is false?
A) It is durable.
B) It is acceptable to most people.
C) It is valuable relative to its weight.
D) It has standardized quality.
D
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A basic model of a business firm in economics assumes that its management cannot improve on the technology that transforms inputs like labor and energy into output. This assumption helps them to understand the choice of:
a. input levels that minimize cost. b. output levels that minimize cost. c. output levels that maximize profits. d. input levels that maximize profits.
When economic losses are present in a market, firms will tend to
a. exit from the market. b. raise their prices until the break-even point is reached. c. lower their prices, regardless of cost, so they can capture more of the market. d. increase output.
The benefits of social regulation are
A. obvious to almost everyone, but the costs are usually hidden. B. often difficult to measure. C. easy to measure by the marginal value method. D. greater than the costs of social regulation in every example in the country today.
New classical economists say that an unanticipated increase in aggregate demand first:
A. increases the price level and real output, and then reduces short-run aggregate supply such that the economy returns to the full-employment level of output. B. increases the price level and real output, and then increases long-run aggregate supply. C. increases long-run aggregate supply, and then increases the price level and real output. D. reduces short-run aggregate supply, and then reduces long-run aggregate supply.