It is difficult for competent authorities to agree on the best definition of the money stock because money is composed primarily of the liquid liabilities of financial institutions
A) and liquidity implies the absence of certainty.
B) of which there are many different kinds whose relative liquidity is continually changing.
C) on which we simply have no reliable data.
D) whose solvency is highly questionable.
B
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Suppose we observe the following sequence of production and exchange: sand is used to make silicon; silicon is used to make silicon chips; silicon chips are used to make computers; computers are sold to retailers; retailers sell those computers to
consumers. Which represents the purchase of a final good? A) The retailer's purchase of computers B) The consumer's purchase of computers C) Both A and B above. D) None of the above.
If an average cost pricing rule is imposed on the firm in the figure above, the firm will produce
A) 5 units. B) 20 units. C) 30 units. D) 40 units.
Assume a perfectly competitive firm is currently producing 5,000 units of output and is earning $15,000 in total revenue. The marginal cost of the 5,000th unit of output is $3. The corresponding average total cost is $3
50 and total fixed costs equal $1250. Based on this information, should this firm continue to operate in the short run? Why or why not?
Author A accepts a $5,000 advance and a 10% royalty after 5,000 books are sold. Author B foregoes the advance and negotiates for a 15% royalty on all books sold. Author C decides to self publish his book and keep 50% of all sales revenue
Which of these authors expects to sell the fewest books? A) Author A B) Author B C) Author C D) They are all equally likely.