Which of the following represents a double coincidence of wants?
A) Smith has what Jones has and neither wants what the other has.
B) Smith has what Jones wants but Jones doesn't have what Smith wants.
C) Smith has what Jones wants and Jones has what Smith wants.
D) Smith wants what Jones has, Jones wants what Brown has, and Brown wants what Smith has.
E) none of the above
C
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When the government is heavily involved in the regulation of business activity, entrepreneurs will be encourage to spend more time and resources on
What will be an ideal response?
Answer the following questions true (T) or false (F)
1. The term "market" refers to trading arrangements by which buyers and sellers come together. 2. The additional cost to a producer of hiring an additional unit of labor is called the marginal cost. 3. Marginal benefit refers to the additional benefit that your activity provides to you.
In general, a firm will be unlikely to invest as long as the
A. firm cannot sell bonds directly to the public and instead must borrow from a bank. B. profits realized from the investment are insufficient to cover the interest payments. C. interest rate is greater than the inflation rate. D. firm has to borrow any money to make the investment.
The natural unemployment rate is higher if
A) many of the new jobs created require skills possessed by the available labor. B) there are fewer two-income households. C) unemployment benefits become more generous. D) efficiency wages are lower. E) there is a decrease in the working-age population.