Which of the following could not be commodity money?
A. U.S. Currency
B. Silk
C. Gold coins
D. Cigarettes
Answer: A
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Two competing firms in a duopoly must decide whether or not to offer consumers a coupon for their good. The payoff matrix above represents the daily profit available to the firms under the different coupon strategies
a. What strategies and payoffs are represented by quadrant A? b. What strategy will Firm 1 pursue if it believes that Firm 2 is offering a coupon? c. What quadrant represents the equilibrium that will result if the firms act independently (compete)? d. What quadrant represents the equilibrium that will result if the firms successfully collude?
Refer to Figure 5-3. The size of marginal external benefits can be determined by
A) D2 + D1 at each output level B) the demand curve D2. C) D2 - D1 at each output level. D) the demand curve D1.
The complete wage and price flexibility of the real business cycle framework implies that ________
A) the velocity of money is a constant B) the velocity of money times the money supply is equal to the nominal value of transactions over a given period of time C) aggregate output always equals potential output D) sustained economic contractions, like the Great Depression, cannot occur in real, historical time
Which of the following would most likely cause the supply of wheat to increase?
a. a decrease in the price of corn, a substitute for wheat b. a technological advance that lowers the cost of producing wheat c. an increase in the cost of producing wheat d. a change in consumer preferences, causing them to prefer plain white bread to whole-wheat bread