What is the essential characteristic of money?
A) It must be backed by some other tradable commodity.
B) It must be backed by gold or silver.
C) It must be accepted and used by people as a general medium of exchange.
D) It must be declared by government authority.
C
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The change spawned by the microchip and the Internet which has also enhanced the acquisition, analysis, and transmission of information is known as _____
A) the Information Revolution. B) the Innovation Revolution. C) the Manufacturing Revolution. D) the Industrial Revolution. E) the Agricultural Revolution.
Which of the following are two components of the opportunity cost of using capital already owned by the firm?
A) economic profit and normal profit B) implicit rental rate and economic profit C) explicit rental rate and economic costs D) economic depreciation and forgone interest
Given the value of marginal product of labor, the higher the wage rate, the higher the number of workers employed
Indicate whether the statement is true or false
One of the strongest reasons that oligopolies exist is due to
A. marginal cost pricing. B. lowest cost production. C. the homogeneity of their products. D. economies of scale.