A country's standard of living depends on its ability to produce goods and services
a. True
b. False
Indicate whether the statement is true or false
True
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Because Federal Reserve Notes (paper currency) are legal tender
A) U.S. creditors must accept them in payment of debts. B) U.S. workers must accept them as payment for labor services. C) U.S. firms must accept them as payment for goods and services. D) All of he above are correct.
Some demand curves have constant elasticity everywhere
a. True b. False
BP has
A) only used external markets. B) used internal markets successfully to reduce emissions. C) used internal markets to deal with a network externality. D) none of these choices.
One common mistake in applying the demand and supply framework is to confuse:
a. the shift of a demand or supply curve with movement along a demand or supply curve. b. whether the supply or demand curve is impacted by the change. c. the increase in demand with a shift in the supply curve. d. the increase in supply with a shift in the demand curve.