Suppose prices are quoted in dollars and transactions are conducted in pesos. The peso serves as a

Industrial entrepreneurs like J.P. Morgan, Henry Ford and Andrew Carnegie were driven by desires to earn profits. In the process of pursuing these profits, American consumers were made better off

Indicate whether the statement is true or false

If cars are normal goods, a fall in income will

a. Increase the demand for cars b. Decrease the demand for cars c. Have no effect on the demand for cars d. None of the above