Leisure includes all of the following except
A) sleep.
B) home yardwork.
C) market work.
D) recreational activities.
C
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Distinguish between fixed and flexible exchange rate systems
What will be an ideal response?
Refer to the following graph. The principle of diminishing returns is illustrated by the
a. upward sloping portion of the MP curve.
b. downward sloping portion of the MP curve.
c. upward sloping portion of the AP curve.
d. downward sloping portion of the AP curve.
If M stands for the money supply, V for the velocity of money, P for the average selling price, and Q for the output of goods and services, the equation of exchange is:
a. MP = VQ. b. MV = PQ. c. MQ = VP. d. MP = PQ.
Tampering with the price mechanism
a. can be efficient for a while. b. cannot be attempted in a market economy. c. can enhance societal welfare if done properly. d. often produces undesired side effects.