Which of the following statements regarding the use of gold as money is false?
A) The money supply would be easy to control because of the predictability of new gold discoveries.
B) It is durable.
C) It has value other than money.
D) It is acceptable to traders.
Answer: A
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Water is cheap and diamonds are expensive because water has a ________, and diamonds have a ________
A) low total utility; high total utility B) low marginal utility; high marginal utility C) high marginal utility; low marginal utility D) low marginal utility and a low total utility; high marginal utility and a high total utility
If the demand for CD players decreases and the supply of CD players decreases, then
A) it is clear that prices will decrease, the change in the quantity of CD players sold is ambiguous. B) it is clear that prices will increase, the change in the quantity of CD players sold is ambiguous. C) it is clear that quantity sold will decrease, the change in the price of CD players is ambiguous. D) it is clear that change in quantity sold is ambiguous, the change in the price of CD players is ambiguous.