The use of a credit card is most similar to:
A. creating legal tender.
B. purchasing a certificate of deposit at a commercial bank.
C. reducing the value of the U.S. dollar.
D. obtaining a short-term loan from a financial institution.
Answer: D
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How does a tariff affect the consumer surplus and the producer surplus from the imported good? Is the overall economy helped or harmed by tariffs? Briefly explain your answers
What will be an ideal response?
The income effect due to a price decrease will result in an increase in the quantity demanded for
A) an inferior good. B) a public good. C) a Giffen good. D) a normal good.
The short-run average cost curve shows the lowest possible average cost corresponding to each output level, assuming that all inputs are variable
a. True b. False Indicate whether the statement is true or false
The demand for labor is derived from the
a. demand for leisure. b. supply of labor. c. demand for final-output goods. d. supply of final-output goods.