To be accepted as money, an item must perform all of the following functions EXCEPT
A) be a medium of exchange. B) serve as a store of value.
C) be easily reproduced. D) serve as a standard of deferred payment.
C
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As output increases, marginal cost
a. continually increases. b. continually decreases. c. increases, reaches a maximum and then declines. d. decreases, reaches a minimum and then rises.
With respect to Figure 3.1, the classicists argued that
a. the relevant aggregate supply curve is labeled B. b. the curves labeled B and G are both relevant during recessions. c. only the supply curve labeled M is important. d. None of the above
If a private market determines the quantity of smallpox vaccinations, which of the following is true?
a. The equilibrium quantity is too low for efficiency. b. The equilibrium price and quantity are too high for efficiency. c. The equilibrium price is efficient. d. The equilibrium quantity is too high for efficiency. e. The equilibrium price and quantity are efficient.
If income changes, that leads to a movement along the money demand curve
a. True b. False