In a system of impersonal exchange,
a. bureaucratic ties on the production side are critical
b. the economy benefits from specialization and modern technology
c. inside connections on the consumption side are necessary
d. successful institutional evolution makes no difference
e. there is very little division of labor
B
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Positive relationships are also referred to as inverse relationships
Indicate whether the statement is true or false
Which of the following shifts the supply curve rightward?
A) an increase in the population B) a positive change in preferences for the good C) a decrease in the price of the good D) a decrease in the price of a factor of production used to produce the good
Profits or losses must be temporary for perfectly competitive firms. Why?
What will be an ideal response?
Russia experienced a hyperinflation of 2,500 percent per year in the early 1990s, which dipped to 10 percent per year by 2006
a. True b. False Indicate whether the statement is true or false