Perishable goods such as milk or fruit are never used as money, because they cannot function as a
A) store of value. B) unit of accounting.
C) standard of deferred payment. D) medium of exchange.
A
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Suppose that workers in A can produce 1 unit of S in 3 hours and 1 unit of T in 9 hours. Suppose that the relative price of S in B is 2. Graph the PPF for country A. Indicate the exact slope of the PPF. Show how the autarky equilibrium is determined
Illustrate a hypothetical international trade equilibrium, including production and consumption points, and trade volumes for a given (your assumption-be explicit) but permissible value of the international terms of trade.
The relative price of one currency in terms of another is known as the ________
A) nominal exchange rate B) real exchange rate C) domestic price level D) real interest rate
If it is not possible for a pharmaceutical drug maker to sell its generic cholesterol reducing drug along with some name brand cholesterol reducing drugs, we have an example of
A) monopoly due to ownership of key resources. B) monopoly due to governmental entry restrictions. C) monopoly due to economies of scale. D) pure competition.
The essential-industry argument holds that industries with potential export capabilities should be protected.
a. true b. false