You use U.S. currency to pay the owner of a restaurant for a delicious meal. The currency
a. has no intrinsic value. The exchange is an example of barter.
b. has no intrinsic value. The exchange is not an example of barter.
c. has intrinsic value. The exchange is not an example of barter.
d. has intrinsic value. The exchange is not an example of barter.
b
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Potential GDP is the level of
A) real GDP that the economy would produce if it was at full employment. B) nominal GDP that the economy would produce if it was at full employment. C) real GDP that the economy would produce if there was no inflation. D) nominal GDP that the economy would produce if there was no inflation. E) real GDP that the economy would produce if there was no unemployment.
Figure 7-17
Which of the following statements must be true when a firm makes choices that put it at point A in Figure 7-17?
A. The firm is minimizing its cost of producing 100 units of output. B. The ratio of the marginal physical products of labor and of land equals the ratio of the prices of labor and of land. C. The firm first decided how much output to produce and then decided how to produce it. D. All of the responses are true.
All of the following are regulatory agencies EXCEPT
A) the National Rifle Association. B) the Environmental Protection Agency. C) the Food and Drug Administration. D) the Occupational Safety and Health Administration.
Since World War II, there have been ________ but ________ in the U.S. economy
a. no recessions; five depressions b. three depressions; no recessions c. recessions; no depressions d. depressions; no recessions