Which of the following applies to the "value of money"?
i. It is the inverse of the price level.
ii. The value of money falls during economic expansions.
iii. It is the quantity of goods and services that a unit of money will buy.
A) iii only B) i and ii C) i, ii and iii D) ii and iii E) i and iii
E
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Even though the number of workers in manufacturing has increased in the post-war world (since 1947), the proportion of manufacturing workers in the total labor force has declined
Indicate whether the statement is true or false
Which of the following is not a property of a firm's cost curves?
a. Marginal cost must eventually rise as a result of diminishing marginal product. b. Average total cost is U-shaped. c. Economies of scale will exist when average total cost falls as output rises. d. Average total cost will cross marginal cost at the minimum of marginal cost.