Which of the following is not a problem associated with barter?
a) tax rates are generally higher on barter than on monetary transactions
b) the quality of goods used in barter may differ across time and place
c) transporting goods for use in barter is inconvenient
d) goods used in barter may not be easily divisible
e) barter requires a double coincidence of wants
a) tax rates are generally higher on barter than on monetary transactions
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The value of the marginal product of labor is given by:
A) the ratio of the marginal product of labor to the wage rate. B) the product of the marginal product of labor and the wage rate. C) the ratio of the marginal product of labor to the price of the final good produced. D) the product of the marginal product of labor and the price of the final good produced.
Suppose that a hurricane destroys part of the tobacco crop in North Carolina
What willhappen to the price of tobacco? What will happen to the marginal product of tobacco field workers as a result of the hurricane? Can we tell what will happen to the demand for tobacco field workers? Explain.
When there's uncertainty as to the length of a game
A) cooperation still does not occur, because cooperation unravels at the beginning of the game. B) cooperation can potentially occur if trigger strategies are adopted. C) firms will cooperate because they treat the game as one that is infinitely repeated. D) firms will randomly pick among the Nash equilibria.
Refer to Scenario 5.4. What is the probability of outcome B?
A) 0 B) -0.5 C) 0.5 D) 0.4 E) 0.2