The M2 definition of money includes traveler's checks.
Answer the following statement true (T) or false (F)
True
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Measures of elasticity enhance our ability to study the magnitudes of changes in quantities in response to changes in prices or income
a. True b. False Indicate whether the statement is true or false
Refer to Scenario 1-1. Had the firm not produced and sold the last 3,000 cell phones, would its profit be higher or lower, and by how much?
A) Its profit will be $6,000 lower. B) Its profit will be $700 lower. C) Its profit will be $700 higher. D) Its profit will be $6,700 higher.
Under a perfectly competitive price system
a. an equitable allocation of the available resources will always result. b. there is no opportunity for individuals to trade amongst themselves. c. there is no reason to expect that voluntary trading will result in an equitable allocation of the available resources. d. None of the above will result.
The economy is in long-run equilibrium only when the short run aggregate supply curve intersects the aggregate demand curve along the long run aggregate supply curve
a. True b. False Indicate whether the statement is true or false