Which statement is true?
A. One of the functions of money is that it serves as a receipt for gold.
B. The most important function of money is that it serves as a medium of exchange.
C. Barter requires specialization.
D. None of the statements are true.
B. The most important function of money is that it serves as a medium of exchange.
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Define real shocks, define nominal shocks, and give an example of each
What will be an ideal response?
Average costs
a. fall at all levels of output b. are falling when marginal costs are below average costs and rising when marginal costs are above average costs c. are falling when marginal costs are above average costs and rising when marginal costs are below average costs d. does not vary with output
Which of the following does consumption rely on to provide goods and services:
A. Producers B. Consumers C. Owners D. Deciders
With perfectly inelastic supply, the elasticity of supply is ______.
a. zero b. one c. three d. five