Money is a medium of exchange in that
A) money is generally accepted for buying and selling goods and services.
B) currency may be exchanged for gold at any national bank.
C) other assets may be better or worse in facilitating exchange than money.
D) it must maintain most of its value over time.
A
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Assume Bryce's budget constraint is represented by line C in the graph shown. Which of the following would cause Bryce's budget constraint to shift to A?
A. Bryce's income increased.
B. Bryce's income decreased.
C. Bryce's preferences for books and movies decreased.
D. Bryce's preferences for books and movies increased.
Firms in an oligopoly
A) act independently. B) engage in strategic behavior. C) have perfect knowledge of the behavior of others. D) openly collude.
Total profit = Total revenue ? Total cost (including opportunity cost). Total profit defined in this way is called
a. accounting profit. b. economic profit. c. absolute profit. d. relative profit.
An increase in the capital stock would be expected to
a. decrease the labor force. b. increase the level of output. c. decrease real GDP per capita. d. increase real GDP per capita.