Rising prices erode the value of money as a ________ and as a ________
A) unit of barter; unit of account
B) store of value; unit of liquidity
C) medium of exchange; store of value
D) store of value; unit of barter
Answer: C
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A quota is
A) a tax imposed on imported goods. B) a legal limit on the amount of a good that can be produced by foreign owners of a firm located in a host country. C) a legal limit on the amount of a good that can be imported. D) an agreement between two countries in which the exporting country voluntarily agrees to limit its exports to the importing country.
If two goods are complementary goods, then
A. The cross-price elasticity sign is not important. B. The cross-price elasticity sign will be negative. C. The cross-price elasticity will be greater than 1. D. The cross-price elasticity sign will be positive.
Explain the concept of the circular flow.
What will be an ideal response?
Accounting profits are typically
A. greater than economic profits because accounting profits do not include explicit costs. B. equal to economic profits in the long run. C. smaller than economic profits because accounting profits do not include explicit costs. D. greater than economic profits because accounting profits do not include implicit costs.