Which of the following statements is true?
a. Money must be divisible and portable.
b. Money must be relatively "scarce" if it is to have value.
c. M1 is the narrowest definition of money.
d. All of the answers are correct.
d
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In a 2-good model, if individuals in a group all have tastes that are quasilinear in good 1, then we can treat the group as if it was a single representative consumer.
Answer the following statement true (T) or false (F)
The greatest increase in productivity per capital results from
a. a larger population. b. more land. c. specialization and exchange. d. atmospheric conditions.
If aggregate demand just increased, which of the following may have caused the increase?
A) an increase in the interest rate B) an increase in imports C) an increase in government purchases D) an increase in the price level
The fact that doctors are paid more than economics professors is an example of a compensating differential
a. True b. False Indicate whether the statement is true or false