Which of the following is false about gold as money?
A. It is acceptable to traders.
B. It is durable.
C. The money supply would be easy to control because of the predictability of new gold discoveries.
D. It has value other than money.
Ans: C. The money supply would be easy to control because of the predictability of new gold discoveries.
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The quantity produced in a monopolistically competitive market is ________ than the quantity produced in a perfectly competitive market, and the price charged in a monopolistically competitive market is ________ than the price charged in a perfectly
competitive market. A) higher; higher B) lower; higher C) higher; lower D) lower; lower
What is the problem with paying plant managers in multi-plant firms according to how much each plant produces relative to its capacity?
A) Managers in low-cost or high-capacity plants could be penalized, in percentage terms, for their overproduction. B) The production problem in multi-plant firms is usually how to lower production to increase market power, not how to increase production. C) Managers in high-cost or low-capacity plants could be penalized for production constraints over which they have no control. D) Managers would have an incentive to understate the productive capacity of their plants. E) Managers would have an incentive to overstate the productive capacity of their plants.