A problem with using commodities such as cattle as money is that they cannot be easily divided into fractions (such as pennies to a dollar), and they fail to retain their value very long once they are divided
Indicate whether the statement is true or false
true
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The systemic costs and burdens that inflation imposes upon a society are almost entirely the result of
A) government price controls. B) inability to predict its rate and timing. C) the fact that no one can ultimately gain from higher prices because everyone is a consumer. D) the lag between the rise of wage costs and the subsequent rise of prices. E) the lag between the rise of prices and the subsequent rise of wages.
On an isoquant/isocost graph, the least cost input combination of producing a given output is
A) given by the tangency between the isoquant curve and the isocost line. B) any point on the isocost line. C) any point on the isoquant curve. D) one of the intercept values on the graph.
Which of the following is true?
A) Most entrepreneurs work very few hours. B) Entrepreneurs generally save less of their income than other Americans. C) If you want to make a lot of money, you had better figure out how to provide others with substantial value and find ways to discover and act on strategic opportunities. D) Additional years of schooling will substantially increase your earnings even if they fail to increase your productivity and ability to provide others with things that they value.
The slope of the saving function is equal to the MPS
a. true b. false