____ is an object in use as a medium of exchange, but which also has a substantial value in alternative uses
a. IOU
b. A commodity money
c. Fiat money
d. Deposit certificate
b
You might also like to view...
Diseconomies of scale are pictured on a graph by the upward-sloping portion of the
a. marginal product curve b. short-run marginal cost curve c. long-run marginal cost curve d. short-run average cost curve e. long-run average cost curve
Which of the following is a characteristic of a competitive price-taker market?
a. Profit maximizing firms in the market will expand output until price equals average variable cost. b. The market demand curve for the product is a horizontal line. c. There are many firms in the market, each producing a small share of total market output. d. The product produced by each of the firms is differentiated.
Tax shifting
a. is the process by which buyers pass a tax onto sellers b. is the process that causes some of a tax collected by one side of a market to be paid by the other side c. is the process of avoiding taxes and lowering a tax burden d. is a way of avoiding payment of a tax e. is illegal in the United States
Refer to the above graph. The shift of the budget line from AB to CD is consistent with:
A. decreases in the prices of Good 1 and Good 2 in equal proportion. B. an increase in the price of Good 1 and no change in the price of Good 2. C. a decrease in the price of Good 2 and no change in the price of Good 1. D. a decrease in money income.