Which of the following functions of money would be violated if inflation were high?
A) store of value B) medium of exchange
C) unit of account D) certificate of gold
A
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One of the main tools economists use to analyze strategic behavior is
A) the Herfindahl-Hirschman Index. B) game theory. C) cartel theory. D) the collusion index. E) dual theory, which is used to study duopolies.
The question of how much labor a firm will hire comes down to:
A. whether added workers are going to generate more revenue than what it costs to hire them. B. if the added workers are going to add revenues to the firm. C. whether the value of the marginal product is greater than, less than, or equal to the average total cost. D. the healthcare costs they incur by hiring them.
________ are money-like assets that are held by governments and that are recognized by governments as fully acceptable for payments between them.
A. Official domestic assets B. Official international reserve assets C. Unofficial international assets D. Unofficial reserve assets
The GDP is a measure of the market value of all final goods and services produced in the economy in a given time period.
Answer the following statement true (T) or false (F)