Which of the following is NOT a problem with barter?
A) each good has multiple prices
B) high transactions costs
C) the commodity money having value for other uses besides money
D) lack of standardization of products exchanged
C
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If the real interest rate is 7 percent when the nominal interest is 12 rate is percent, the inflation rate is
A) -5 percent. B) 5 percent. C) 19 percent. D) 1.7 percent. E) 7 percent.
The segmenting of customers into several small groups such as household, institutional, commercial, and industrial users, and establishing a different rate schedule for each group is known as:
a. first-degree price discrimination b. market penetration c. third-degree price discrimination d. second-degree price discrimination e. none of the above
Lynne teaches violin lessons. She charges $10 for each lesson. Her marginal cost per lesson is $4, and her ATC per lesson is also $4 . If she can increase the number of lessons she teaches and still charge $10 per lesson, should she? How will she know when she is maximizing her profit?
A production possibilities curve is downward sloping because of
a. the law of increasing costs b. the finite nature of the resource base c. inefficiency d. improper output mix e. unemployment