Angel Rodriguez pulls up in his 24-foot panel truck in front of Sezz Medi Brick Oven Pizza in Upper Manhattan. Even though it's the middle of the summer, he's delivering— firewood
He says even though fuel costs have doubled in the past year, it's still worth the premium he gets delivering ash and cherry to the captive and growing market in NYC. How would an increase in Angel's salary affect short run costs? A) Short run variable costs would increase.
B) Short run fixed costs would decrease.
C) Short run total costs would decrease.
D) Short run average fixed costs would increase.
A
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A fiduciary monetary system is
A) fully backed by gold. B) dependent on barter for exchanges of goods and services. C) dependent on the public's faith to accept the currency. D) one which cannot have any inflation.
Suppose the official gold value of the Brazilian real changes from 527 reals per ounce to 508 reals per ounce. We can then say that:
a. the Brazilian real has depreciated in value as a consequence of free market fluctuations. b. the Brazilian real has appreciated in value. c. gold is now more expensive to purchase in Brazil than it was before. d. the Brazilian real has been devalued. e. the Brazilian economy is expected to experience rapid inflation.