Because commodity money is not uniform in quality, there is a tendency
A) for higher quality commodity money to drive lower quality commodity money out of circulation.
B) for lower quality commodity money to drive higher quality commodity money out of circulation.
C) for stable commodity money to drive unstable commodity money out of circulation
D) for unstable commodity money to drive stable commodity money out of circulation.
Ans: B) for lower quality commodity money to drive higher quality commodity money out of circulation.
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In Walnut Creek, California, there are three very popular supermarkets: Safeway, Whole Foods, and Lunardi's. While Safeway remains open twenty-four hours a day, Whole Foods and Lunardi's close at 9 pm. Which of the following statements is true?
A) Safeway can ignore the pricing decisions of the other two supermarkets. B) Safeway is a monopoly all day because it produces a service that has no close substitutes. C) Safeway has a monopoly at midnight but not during the day. D) Safeway probably has a higher markup to compensate for its higher cost of production.
Summing up governmental intervention in the pricing of goods, we can say it
a. occurs only under wartime conditions b. has grown considerably during the past two decades and now characterizes the majority of our markets c. has peaked in the 1970s and now has only a shadow of its former influence d. occurs in relatively few markets because most market prices are determined by the forces of demand and supply e. occurs only in the production of farm goods
Union membership as a percentage of the labor force has been falling since the mid ______.
Fill in the blank(s) with the appropriate word(s).
Labor productivity increases if
i. human capital decreases. ii. technology advances. iii. quality of education decreases. A) Both ii and iii B) Both i and ii C) i only D) ii only E) iii only