The gold standard is a type of
A) fixed exchange rate system.
B) flexible exchange rate system.
C) floating exchange rate system.
D) barter currency system.
Answer: A
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When one is considering costs of taking a trip in their car, the average cost per mile includes some items of cost that are not included in the marginal cost of a mile driven. This statement is
A. absurd because marginal costs do not apply to mileage costs. B. always false. C. always true. D. sometimes true and sometimes false depending on the circumstances.
Show that the utility functions V(X,Y) = XaY1-a and U(X,Y) = a ln(X) + (1-a)ln(Y) represent the same ordering of bundles
What will be an ideal response?
Goods commonly produced by colonial households included:
a. clothing. b. bread and hardtack. c. beer and whiskey. d. jellies and jams. e. All of the above.
A resource is something that _____
a. is used to produce goods and services. b. is provided by nature, and not produced by society. c. exists in unlimited quantities in developed countries. d. must be produced by a firm. e. is always available free of cost.