Which of the following skills would the study of economics help promote?
A. problem solving
B. memorization
C. critical thinking
D. problem solving and critical thinking only
Answer: D
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The primary benefit of monetary exchange compared to barter exchange is: a. the possibility of tracking trade for tax purposes
b. increased time devoted to finding trade partners. c. increased time devoted to shopping for what we want. d. increased efficiency in arranging transactions.
Each of the following, except one, is a limitation on collusive behavior. Which is the exception?
a. the market demand curve b. a tit-for-tat strategy c. the threat of prosecution d. incentives for firms to lower prices e. incentives for firms to raise output
Suppose that three consumers are in the market for good X. Consumer 1's (inverse) demand is PX = 40 ? 5QX; Consumer 2's (inverse) demand is PX = 10 ? QX; and Consumer 3's (inverse) demand is PX = 30 ? 2QX. When PX = $5, the market will demand:
A. 15.5 units. B. 24.5 units. C. ?12 units. D. None of the statements is correct.
Which of the following would lead to a decrease in bond demand?
A. An increase in wealth. B. A decrease in liquidity. C. A decrease in risk. D. An increase in expected inflation.