The ease with which an asset can be converted into a medium of exchange is known as:
a. volatility.
b. liquidity.
c. currency.
d. Gresham's Law.
e. speculative exchange.
b
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According to the text, approximately how many countries are members of the WTO?
A) 100 B) 135 C) 150 D) 180
Compared to 1960, in 2008 the proportion of retirees living in poverty has fallen from 35 percent to about _________ percent.
A. 5 percent B. 10 percent C. 15 percent D. 20 percent
Which of the following results if the U.S. removes an import quota on computer components?
a. U.S. exports and U.S. imports both increase b. U.S. exports increase but U.S. imports are unchanged c. U.S. imports increase but U.S. exports are unchanged d. None of the above are correct
A vice president of a company argues that the president of the company should raise workers’ wages if the president wants less absenteeism. The president says that wages probably should be cut so that the workers could not afford to miss so much work
Evaluate the two views using the income and substitution effects in your analysis. Please provide the best answer for the statement.