If money has intrinsic value, it has value:
A. unrelated to its use as money.
B. only as its use as money.
C. that sets its value as money.
D. based on how often people use it for payment.
A. unrelated to its use as money.
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If the demand for a monopoly's output shifts rightward, the change in quantity produced is
A) positive. B) negative. C) zero. D) not predictable.
(1)(2)(3)(4)(5)QdQdPriceQsQs5040$1070806050960708060850609070740501008063040Refer to the above table. In relation to column (3), a change from column (1) to column (2) would mostly likely be caused by:
A. consumers expecting that prices will be higher in the future. B. government subsidizing production of the good. C. reduced taste for the good. D. an increase in input prices.
Private firms cannot profitably produce a public good because of:
A. nonrivalry and nonexcludability. B. liability rules and lawsuits. C. inflation and unemployment. D. positive and negative externalities.
The WWQX Co sells shirts. Shirts with the company label on the tag are perceived to be of higher quality than shirts with the store's label. Yet, shirts are of identical quality regardless of the label. The demand for perceived high-quality shirts is ph = 80 - qh. The demand for perceived low-quality shirts is pl = 19 + ph - ql. The firm can produce shirts at TC = 2qh + 2ql. How many shirts does
the firm label as low quality and how many as high quality? What prices are charged? A) ql = 29; qh = 39 B) ql = 39; qh = 79 C) ql = 19; qh = 25 D) ql = 20; qh = 18