Holding money as a store of value instead of other assets is
A. the precautionary demand for money.
B. the transactions demand for money.
C. the asset demand for money.
D. the capital demand for money.
Answer: C
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Refer to Figure 2-13. What is the opportunity cost of producing 1 ton of coconuts in Guatemala?
A) 1/2 of a ton of pineapples B) 1 1/3 tons of pineapples C) 2 tons of pineapples D) 90 tons of pineapples
The supply of paintings by Van Gogh is most likely to be
a. of infinite elasticity because supply is limited b. of high elasticity because supply is limited c. elastic because the paintings are luxury goods d. inelastic because supply is limited e. unit elastic
Which of the following events would definitely cause a decrease in the equilibrium price of cotton shirts?
What will be an ideal response?
When a purely competitive industry is in long-run equilibrium, which statement is true?
A. Marginal revenue is greater than price. B. Price and average total cost are equal. C. Marginal cost is at its maximum level. D. Average total cost is less than marginal cost.