Gold would be a superior commodity money compared to wheat because:
A. it is easier to divide wheat into small units.
B. wheat has more practical uses than gold.
C. wheat is perishable.
D. wheat has a high value relative to weight, which gold does not.
Answer: C
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The labor supply curve bends backward because
A. income effects are greater than substitution effects at higher wages. B. substitution effects are greater than income effects at higher wages. C. income effects are greater than substitution effects at lower wages. D. substitution effects are greater than income effects at lower wages.
Explain why market power leads to a deadweight loss. Is the total deadweight loss from market power in the United States large or small?
What will be an ideal response?
Which of the following must be true if good X is a normal good and income increases?
a. The demand for X will increase, and thus the price and quantity sold and bought will decrease. b. The demand for X will decrease, and thus the price and quantity sold and bought will decrease. c. The demand for X will increase, and thus the price and quantity sold and bought will increase. d. The demand for X will decrease, and thus the price and quantity sold and bought will increase. e. The demand for X will increase, and thus the price and quantity sold and bought will remain the same.
Households can finance their consumer spending from current
A. income. B. wealth. C. debt. D. income and current wealth.