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Question
In a fiduciary monetary system, the value of the money issued by a government is based on
A) the gold held in that governmentʹs vaults.
B) public confidence in that currencyʹs acceptability and predictability of value.
C) the ability to convert it to some asset of value, like silver.
D) its being made out of some material with a market value equal to a billʹs face value.
Answer
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Related questions
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When John earned $65,000 he purchased 10 DVDs a year. His income has just increased to $68,000 and he plans to purchase 15 DVDs this year. Johnʹs income elasticity of demand equalsA) 0 B) 0.11 C) 1.67 D) 8.87
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The regulation of the prices charged by insurance companies is known asA) the Federal Register. B) social regulation.C) the market share test. D) economic regulation.
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If the marginal product curve is intersecting the average product curve, we know thatA) the average variable cost curve is intersecting the average total cost curve.B) the marginal cost curve is intersecting the average fixed cost curve. C) the average total cost curve lies above the marginal cost curve.D) the marginal cost curve is intersecting the average total cost curve.
Q:
Suppose that the implicit cost for a business was $1,000 and the explicit cost was $5,000 and that the firm sold 1,000 units of its products at $6 per item. We can conclude that the firmʹsA) accounting profit was $6,000, and its economic profit was $0. B) accounting and economic profits were both $0.C) accounting profit was $1,000, and economic profit cannot be determined. D) accounting profit was $1,000, and economic profit was $0.
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Which of the following would cause the labor demand curve to shift to the right?A) A decrease in demand for the product the labor is used to produceB) An increase in labor productivityC) A decrease in the price of a complimentary resourceD) All of the above
Q:
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B) it earns zero economic profits
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Q:
In a perfectly competitive market, if P > MC, then
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B) too much output is being produced.
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Q:
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Q:
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Q:
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The health care market in the United States is characterized by
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B) third-party payment of health care costs.
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Q:
Why should a perfect competitor produce at which price equals marginal cost?
Q:
Which of the following is a true statement?A) Any property right system will yield a situation in which all externalities are internalized. B) Voluntary agreements can always yield a situation in which all externalities are internalized.C) Opportunity costs always exist with whoever has property rights.D) Opportunity costs turn external costs into social costs.
Q:
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Q:
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Q:
Suppose that during a given time period the implicit cost for a business was $1,500 and that the explicit cost was $6,000. Also suppose that the firm sold 1,000 units of its products at $7 per item. We can conclude that the firmʹsA) accounting profit was $1,000, and its economic profit was -$500. B) accounting and economic profits were both $1000.C) accounting profit was -$500, and economic profit was $1,000. D) accounting profit was $1000, and economic profit was -$1,500.
Q:
ʺThe slope of the demand curve gives the elasticity of demand.ʺ Do you agree or disagree?
Why?
Q:
Which of the following type of shops is unlawful under the provisions of the Taft -Hartley Act?A) union shops B) closed shopsC) modified union shops D) open shops