If your money income stays the same but the price of one good that you are buying goes up, your effective purchasing power
A. falls.
B. does not change.
C. cannot be determined.
D. rises.
Answer: A
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________ of people work at firms that have 50 or more employees
A) Less than 25 percent B) About 50 percent C) More than 75 percent D) Close to 97 percent
The wide acceptance of fiat money is determined by: a. people's belief that it is worth something
b. the amount of precious metal that the government holds to back the money. c. the money's market value as a commodity. d. the rate of interest, which is the price paid to borrow money. e. its ability to function as a unit of account.
Does economic growth eliminate scarcity?
If demand for a product increases, how is market equilibrium restored?
a. As the product’s price increases, the quantity supplied increases until a new equilibrium is gained. b. As the product’s price decreases, the quantity supplied increases until a new equilibrium is gained. c. As the product’s price increases, the quantity supplied decreases until a new equilibrium is gained. d. As the product’s price decreases, the quantity supplied decreases until a new equilibrium is gained.