Firms in monopoly or monopolistically competitive market structures do not have traditional supply curves as firms in perfect competition do
a. True
b. False
A
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To become wealthy you have to either work at a job or learn how to duplicate yourself, but you cannot do both.
Indicate whether the statement is true or false.
Reginald looked for work for six months but could not find a job to his liking. He now spends his time at the beach. For purposes of employment he is considered:
A. out of the labor force.
B. unemployed.
C. employed in the underground economy.
D. underemployed.
What is the "medium of exchange" function of money?
a. Money provides a unit for measurement of different goods and services. b. Money has the ability to hold value over time. c. Materials used to manufacture money are of medium grade or quality, so that people will not hoard money for its commodity value d. Money is widely accepted in exchange for goods and services
In some countries the U.S. dollar is used as a unit of account rather than the local currency. The primary reason for this is that
A. the U.S. inflation rate is higher than the local inflation rate. B. the nation has been running a trade surplus. C. U.S. dollars reduce the need to change prices frequently. D. the nation has been running a trade deficit.