In the table above, the firm producing the product is

Giving the store clerk a $20 bill for a sweater priced at $20 is an example of money serving as a

A) medium of exchange. B) unit of accounting. C) store of value. D) standard of deferred value.

If capital is specific to manufacturing and land is specific to agriculture, then migration of labor from lowincome to highincome countries will cause:

a. the wage to rise in the highincome country and the wage to fall in the lowincome country. b. the wage to fall in the highincome country and the wage to rise in the lowincome country. c. the wage to rise in both the highincome and low income countries. d. the wage to fall in both the highincome and low income countries.