Commodity money is a good
A) that is designated as money by law.
B) used as money that has no intrinsic value.
C) used as money that has no secondary use.
D) used as money that also has value independent of its use as money.
D
Economics
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A monopsony pays a wage rate ________ the marginal cost of labor and ________ the value of marginal product of labor
A) equal to; equal to B) lower than; lower than C) equal to; lower than D) lower than; equal to
Economics
Assume that constant returns to scale exists and that N and K both increase by 2%. Given this information, we know that
A) output (Y) will increase by 4%. B) Y will increase by 2%. C) Y will increase by less than 2%. D) Y will increase by less than 4% and more than 2%.
Economics