Which of the following is not a function of money?
a. Standard of deferred payment.
b. Medium of exchange.
c. Legal tender.
d. Store of value.
e. All of the above are functions of money.
.C
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Because financial markets clear, we know that leakages in the economy will equal injections and, therefore, there will be enough spending in the economy to purchase whatever amount of output level produced
a. True b. False
Ivan Jewels is an established diamond jeweler. Which of the following statements proves that it is a monopoly? a. It is the only firm that owns the resources for the production of diamond jewelry
b. It is unable to come up with better technology to compete with other diamond jewelers. c. It has made way for other firms to enter the industry and earn supernormal profits. d. Ivan Jewels charges the same price as other diamond jewelers in the market.
The supply of human capital to a particular use is
a. perfectly inelastic in the short run. b. perfectly elastic in the long run. c. more inelastic in the short run since it takes time for persons to acquire a particular skill. d. more elastic in the short run since individuals who already possess the particular skill can be attracted into the labor force in the short run.
Real, rather than nominal, figures are important to use when making comparisons of incomes across time periods because
What will be an ideal response?