The direct trade of goods and services for other goods and services is called:
A. financial intermediation.
B. using a medium of exchange.
C. diversification.
D. barter.
Answer: D
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A rise in the average productivity of labor
a. always reflects technical progress. b. reflects technical progress if other input usage hasn't changed. c. reflects technical progress only if labor input hasn't changed. d. reflects technical progress only if the quantity of output is increased.
Consider the production possibilities frontier displayed in the figure shown. Which of the following statements is true? The opportunity cost of one watermelon:
A. will decrease as more watermelons are produced.
B. is constant.
C. will increase as more watermelons are produced.
D. is zero at point C.
Which is the most accurate statement?
A. In monopolistically competitive industries there are generally too many firms. B. One of the main problems with monopolistic competition is the lack of variety among goods and services. C. Most firms in the United States are monopolistic competitors. D. The biggest problem with monopolistic competition is over-differentiation.
What is the equation for net exports?
a. X – M b. X + M c. X × M d. X / M