Economies where goods and services are traded directly for other goods and services are called ________ economies
A) trade
B) barter
C) direct
D) seigniorage
Answer: B
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For a monopolist, at the profit-maximizing level of output:
A. price is greater than marginal revenue. B. marginal revenue is greater than average revenue. C. average revenue is greater than price. D. price is equal to marginal revenue.
The political process might negatively affect government attempts to stabilize an economy by ______.
a. collecting policy information b. catering to special interests c. having a long-term view d. assisting local businesses
If a tariff on bikes causes domestic bike prices to rise by 20% and domestic value added in the domestic bike industry to rise by 30%, then
A) the nominal rate of protection of bikes is 20%. B) the effective rate of protection of bikes is 30%. C) the effective rate of protection is higher than the nominal rate. D) All of the above.
Banks hold reserves:
A. to increase profits. B. only because the government requires them to hold reserves. C. to meet depositor withdrawals and payments. D. to earn interest.