If different people own the different stages of production of a commodity, a contract or market relationship helps to minimize transaction risks and creates economic value
Indicate whether the statement is true or false
F
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As a result of the 2007-2009 financial crisis, which two firms became bank holding companies, allowing them to engage in commercial banking activities?
A) Lehman Brothers and Merrill Lynch B) Freddie Mac and Fannie Mae C) Morgan Stanley and Goldman Sachs D) Enron and WorldCom
Suppose over the last five years that the price of recycled aluminum increased from $800 a ton to $900 a ton. Over the same time a measure of the overall price level increased from 120 to 138 . The real price of recycled aluminum
a. increased, so it became scarcer b. increased, so it became less scarce c. decreased, so it became scarcer d. decreased, so it became less scarce
In which of the following occupations would employees be organized into craft/trade unions:
A. Hotel employee B. Restaurant worker C. Salesperson D. Plumber
Assume point A on a linear production possibilities curve represents the combination of 12 coffees and 3 cappuccinos, and point B represents 3 coffees and 6 cappuccinos. Suppose coffees are on the vertical axis and cappuccinos are on the horizontal axis. The absolute value of the slope of the production possibilities curve between points A and B equals:
A. 1/3. B. 6. C. 4. D. 3.