In order for any given commodity to be considered money, it has to

A) be issued and controlled by some governmental institution.
B) have some intrinsic value.
C) be generally acceptable as a means of payment.
D) be used in barter transactions.
E) be convertible into gold or silver.


C

Economics

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Using the above figure, suppose there is a decrease in the number of suppliers. Then

A) the equilibrium price will decrease below $25 per dozen roses. B) we cannot predict what will happen to equilibrium quantity. C) the equilibrium quantity will decrease below 10 dozen roses. D) both the equilibrium price and quantity will increase.

Economics

Open-hearth technology quickly replaced the Bessemer converter in the steel industry. This is an example of Schumpeter's creative destruction process

Indicate whether the statement is true or false

Economics

Which of the following government entities relies most heavily on sales taxes?

a. local government b. state government c. federal government d. the Social Security Administration

Economics

Microeconomics is the study of how households and firms make decisions and how they interact in specific markets

a. True b. False Indicate whether the statement is true or false

Economics