Agraria sends wheat to Cyberia in exchange for computers and technology goods. This is an example of
A. unidirectional trade.
B. joint venture.
C. barter.
D. monetary exchange.
Answer: C
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The Standard Oil trust
A. forced the railroads to grant it discounts but not to its competitors. B. forced the railroads to give it payments on every shipment of oil refined by rival firms. C. violated the Sherman Antitrust Act. D. All of the choices.
Relative Importance
What will be an ideal response?
Suppose that an Italian ice cream firm is facing a linear demand curve and that the current price for the Italian ice cream is set at a point where the price elasticity is 1.7. If the firm decreases the product price, the total revenue will:
A. increase if at the new price, the elasticity is still greater than 1. B. increase if at the new price, the elasticity is lower than 1. C. decrease regardless of the size of the price decrease. D. increase regardless of the size of the price decrease.
A production possibilities curve with quantities of clothing and food on the axes shows which of the following?I.A society cannot have an unlimited amount of each good.II.For an efficient society, an increase in clothing production will necessitate a decrease in food production.III.A society will always produce the maximum amount of both clothing and food.
A. I only B. II only C. III only D. Both I and II