Because of its divisibility, portability, and homogeneity,
a. gold has been a perfect medium of exchange and measure of value
b. gold has never been considered an adequate medium of exchange, which is why we switched to fiat money
c. wampum is still used as a medium of exchange
d. M3 has been considered the perfect currency
e. mercury has been a perfect medium of exchange and measure of value
A
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Human capital refers to the percentage of the working-age population in the labor force
Indicate whether the statement is true or false
La Tortilla is the only producer of tortillas in Santa Teresa. The firm produces 10,000 tortillas each day and has the capacity to increase production to 100,000 tortillas each day
La Tortilla has made a large profit for years, but no other firm has chosen to compete in the Santa Teresa tortilla market. La Tortilla has been able to deter entry because if other firms were to enter the market it would greatly step-up production and reduce price. A) La Tortilla's behavior is inconsistent with economic theory. B) La Tortilla has been successful because of its credible threat. C) La Tortilla behaves like a Stackelberg firm. D) La Tortilla must have other barriers to entry to protect its monopoly power.
Suppose a plaintiff hires a lawyer to represent her in a court case. The lawyer will be paid a fixed fee. Under this contract,
A) production efficiency is achieved. B) the client bears all of the risk. C) the lawyer has an incentive to lie about his hours worked. D) All of the above.
Which of the following statements about population and migration is most accurate?
a. In the first decade after the Civil War many of the freedmen moved to the North. b. During most of US history more African Americans have lived in rural than urban areas. c. Latinos are expected to comprise a smaller fraction of US population in 2025 than they do now. d. Between 1810-1850 the population center of the US shifted from the Midwest to the east.