Milk is considered a commodity because it is which of the following?
(A) The same product regardless of who sells it.
(B) An agricultural product.
(C) An inexpensive product.
(D) A product that can be bought in many different ways.
Ans: (A) The same product regardless of who sells it.
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Open market operations refer to the purchase or sale of ________ to control the money supply
A) corporate bonds and stocks by the Federal Reserve B) U.S. Treasury securities by the U.S. Treasury C) U.S. Treasury securities by the Federal Reserve D) corporate bonds and stocks by the U.S. Treasury
The new Keynesian theories of efficiency wages imply
a. nominal wage rigidity. b. real wage rigidity. c. changes in unemployment represent changes in the natural rate of unemployment. d. market clearing in the labor market in the long-run. e. None of the above