Which of the following statements is true of a barter system?
a. In a barter system, an individual offers one good or service to get another good or service.
b. In a barter system, an individual offers money to get a good or service
c. In a barter system, an individual offers a good or service to get money.
d. In a barter system, different kinds of money are exchanged for one another.
e. In a barter system, all individuals are self-sufficient.
a
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Consider a situation where a government is deciding between two different taxes on beer. The first tax is $2.88 per case and the second is a tax of one cent per ounce placed on beer. Both are paid by the supplier
Assume both will raise the same amount of revenue this period. Pretend you are an advisor to the government and explain to them which tax they should enact.
Marginal profit equals the difference between marginal revenue and average cost
a. True b. False Indicate whether the statement is true or false
The simple circular flow model shows that workers, entrepreneurs, and the owners of land and capital offer their services through:
A. employment agencies. B. product markets. C. business firms. D. resource markets.
Estimates of the compensating wage differentials associated with particular job characteristics are valid only if
A. firms are willing to pay higher wages to more skilled workers. B. nonwage characteristics of the job are allowed to vary by sector. C. the firm provides nonpecuniary compensation for risks that workers encounter on the job. D. the compensating wage differential is positive. E. all other factors that influence worker's wages are held constant.