An economy using money is more efficient that a barter economy because the use of money reduces the time spent searching for trading partners with a coincidence of wants and therefore more time can be spent producing goods and services
a. True
b. False
Indicate whether the statement is true or false
True
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Opportunity cost is defined
a. only in terms of money spent b. as the value of all alternatives not chosen c. as the value of the best alternative not chosen d. as the difference between the benefits from a choice and the benefits from the next best alternative e. as the difference between the benefits from a choice and the costs of that choice
Choosing not to attend a concert so that you can study for your exam is an example of a tradeoff
a. True b. False Indicate whether the statement is true or false
QN=63 (17777) Def01 stands for GDP deflator in year 1. Def02 stands for GDP deflator in year 2. The inflation rate in year 2 equals
a. 100*(Def02-Def01)/Def01. b. 100*(Def02-Def01)/Def02. c. 100*(Def01-Def02)/Def01. d. 100*(Def01-Def02)/Def02.
If a firm can vary all of its factors of production, it is operating in
A. the long run. B. the short run. C. equilibrium. D. the immediate run.