Barter was more feasible in primitive societies than in modern societies because:
a. there was no inflation in primitive societies
b. there were many goods available for trade in primitive societies, so people could always find the goods that they wanted.
c. specialization was limited and thus there were few goods available for trade in primitive societies.
d. specialization was limited and thus there were many goods available for trade in primitive societies.
e. people in primitive societies had limited wants.
c
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An increase in the demand for rubles causes the ruble to appreciate
a. True b. False Indicate whether the statement is true or false
A depreciating currency makes foreign inputs cheaper and shifts the aggregate supply curve outward
a. True b. False Indicate whether the statement is true or false
When a monopolist chooses the output that maximizes profits, we know that MR = MC and also that P > MR. This is inefficient because a. the monopolist is not minimizing costs
b. the monopolist is the only producer in the market. c. the monopolist fails to make transactions where the marginal benefit is greater than the marginal cost. d. there are entry barriers.
A basic principle of economics is that a country's standard of living depends on its
a. quantity of physical capital. b. abundance of natural resources. c. ability to produce goods and services. d. ability to thrive economically without having to interact with other countries.