Which of the following most accurately states the function of middlemen?
a. Middlemen reduce transaction costs.
b. Middlemen add to the expense of buyers and sellers without providing any benefit.
c. Our economy would work just as well without middlemen since they do not expand the availability of physical goods.
d. Middlemen reduce the number of transactions since they increase the buyer's price and reduce the seller's net receipts.
A
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If the Federal Reserve decreases the rate at which it increases the money supply, then unemployment is higher in
a. the long run and the short run. b. the long run but not the short run. c. the short run but not the long run. d. neither the short run nor the long run.
Resources are all of the following except:
A. unlimited and in abundance. B. the things we use to produce goods and services. C. limited in quantity and can be used in different ways. D. scarce and therefore require choices to be made.