Transaction costs can be defined as the costs:
A. incurred by buyer and seller in agreeing to and executing a sale of goods or services.
B. the government must pay to allow for an exchange.
C. incurred by the buyer and seller in agreeing to and executing a purchase of goods or services, excluding transportation costs.
D. the government incur to create a structured market for the exchange of buyers and sellers.
A. incurred by buyer and seller in agreeing to and executing a sale of goods or services.
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In a _____, the state owns all means of production
A. mixed economy B. planned economy C. market economy D. totalitarian state
Which of the following would not be included in the calculation of GDP?
a. Vegetables grown and consumed by a nonfarm family b. The purchase of a new Porsche c. The sale of meat at the local grocery store d. The government purchase of an F-14 fighter plane e. The payment made to an accountant for the preparation of tax forms
Which statement best describes social surplus?
a. the sum of consumer surplus and producer surplus b. the amount that a seller is paid for a good minus the seller’s actual cost c. the amount that individuals would have been willing to pay, minus the amount that they actually paid d. when it is impossible to improve the situation of one party without imposing a cost on another
The productivity standard says
A) that everyone should have exactly the same income. B) that the age-earnings cycle should determine income. C) that people should be compensated on the basis of what they produce. D) that people should be compensated on the basis of their need.