Goldsmiths who issued receipts for the customer deposits of gold or silver coins were probably the originators of
A) money.
B) paper money.
C) seignorage.
D) Federal Reserve notes.
B
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From an economic perspective, a student's decision to go to the movies instead of studying for a test indicates that in the student's thinking the marginal
A. benefit of studying is greater than the marginal benefit of going to the movies. B. cost of going to the movies is less than the marginal benefit of going to the movies. C. benefit of studying is greater than the marginal cost of studying. D. cost of going to the movies is greater than the marginal cost of studying.
The money supply curve is ________.
A. inelastic with respect to the interest rate B. drawn as a downward sloping line C. elastic with respect to the interest rate D. drawn as an upward sloping line
Which of the following best represents the equation of exchange?
A) M * P = V * Y B) M * V = P * Y C) M * Y = P * V D) M * Y * V = P
The firm's efficient scale is the quantity of output that minimizes
a. average total cost. b. average fixed cost. c. average variable cost. d. marginal cost.