An increase in the price of a product can sometimes represent an improvement in quality rather than inflation
a. True
b. False
Indicate whether the statement is true or false
True
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Which of the following describes comparative advantage?
A) To produce a bushel of wheat Farmer John must give up 2 bushels of corn whereas Farmer Ben must give up 3 bushels of corn. B) Company A can produce 4 boxes of cereal in a day whereas Company B can produce 5 boxes of cereal in a day. C) Firm A can produce a good at a cost of $3 and Firm B can produce the good at a cost of $4. D) Jane can type 50 words per minute and Joe can type 60 words per minute.
When goods that have intrinsic value are used as money, if their value as money falls, the good:
A. is still useful to people for other reasons. B. is no longer useful to people for other reasons. C. loses its intrinsic value. D. tends to gain in intrinsic value.