The major problem with using strawberries as money is the problem of
a. homogeneity
b. divisibility
c. portability
d. durability
e. scarcity or abundance
D
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Economic theory is sometimes referred to as marginalism or marginal analysis because
A) it deals with matters not central to most people's personal lives. B) it emphasizes the effects of additional benefits and additional costs. C) it has such a minor effect on political decisions. D) it is only useful when it is added to a large stock of other knowledge. E) it was created by abstracting from experience.
In Figure 4-6 above, suppose we are initially at point 2. A reduction in government spending causes income to change by ________ and the interest rate to change by ________ than would be the case in the Chapter 3 model
A) more, more B) more, less C) less, more D) less, less
Contracts are typically necessary when the agreed upon exchange occurs
A. simultaneously. B. at a different time. C. in a different place. D. in a different country.
In the United States the difference between union and non-union wages
A) does not exist. B) currently averages about more than 100 percent. C) has been narrowing. D) tends to fall during a recession because union members typically have shorter-term contracts than do nonunion employees.