One reason why gold and silver have served as money is that they
A. are easy to produce.
B. are easy to duplicate.
C. are durable.
D. All of these responses are correct.
Answer: C
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A combination of high inflation and recession, usually resulting from a supply shock, is known as
A) hyperinflation. B) disinflation. C) stagflation. D) depression.
For each of the following functions, describe returns to scale
a. Q = K + L b. Q = K1/2L3/4 c. Q = K2L
Suppose a legislation passed by the government encourages domestic oil exploration thereby reducing petroleum imports substantially. If the cost of production is uniform for all producers, which of the following will be observed in the petroleum market?
a. The world price of petroleum would decline. b. The domestic price of petroleum would decline. c. The world price of gasoline will remain unaffected. d. Crude oil consumption in the domestic and the world market would decrease.
Improved training of employees would:
a) Shift aggregate supply outwards at each price b) Shift aggregate supply inwards at each price c) Shift aggregate demand outwards at each price d) Shift aggregate demand inwards at each price