Representative money is
a. accepted on faith.
b. found in M1 and M2 money measures.
c. today in the form of check able deposits.
d. redeemable for a commodity.
d. redeemable for a commodity.
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Which of the following is a feature of the scientific method?
A) The scientific method is not based on data, statistics, or measurements. B) The scientific method allows improvisation and correction of inconsistent models. C) The scientific method enables the creation of perfectly accurate models of the real world. D) The scientific method is used only for studying topics related to economics.
A firm sells 1000 units per week. It charges $70 per unit, the average variable costs are $25, and the average costs are $65 . In the short run, the firm should
a. Shut-down as the firm is making a loss of $15,000 per week b. Shut-down as price is lower than average cost c. Continue operating as the firm is covering all the variable costs and some of the fixed costs d. Shut-down because it is cost effective to pay off the remaining fixed costs