Describe the difference between the short run and the long run
In the short run, the firm considers at least one factor of production to be fixed (factory size, for example). In the long run, the firm considers all factors of production to be variable.
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Which of the following is the best definition of money?
a. anything generally accepted as a payment for goods or repayment of debt b. anything that is a liability of the federal government c. anything that is a liability of a commercial bank d. the outstanding balances of households on credit cards
Though many assets can be used as a store of value, money is a particularly attractive method to store value because
a. it increases in value as prices rise. b. its purchasing power does not decline when prices rise. c. it is the most liquid of all assets. d. it is backed by gold.