According to the convention followed in the text, "money" consists all of the following except
a. coins.
b. credit cards.
c. checkable deposits.
d. paper money.
b
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One problem with using market values to measure GDP is that
A) you cannot compare completely heterogeneous goods by using their dollar values. B) some useful goods and services are not sold in markets. C) prices for some goods change every year. D) market values of exported goods are usually priced in foreign currencies.
A firm, such as a public utility, which is the sole producer in a market in which the government determines prices and standards of service, is known as a(n):
a. local monopoly. b. natural monopoly. c. regulated monopoly. d. oligopoly. e. monopolistically competitive firm.
If the LRAC curve for Company A has a clear minimum point without a curved bottom, then Company B will have ________________ if it produces a different number of units.
a. lower costs b. higher costs c. lower profits d. higher profits
A consumer's budget constraint is drawn on a graph with the number of sandwiches measured along the horizontal axis and the number of bowls of soup measured along the vertical axis. Hold the consumer's income and the price of a sandwich fixed, and increase the price of a bowl of soup. Describe the effect on the budget constraint