One advantage of a money system compared to a barter system is that
A. barter never works.
B. money creates the need for banks.
C. money is more efficient.
D. everyone has money.
Answer: C
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Refer to the table above. Suppose that in normal years demand is represented by Case 2 and supply is represented by Case B. In a normal year the price of wapanzo beans will be
A) $1 per pound. B) $2 per pound. C) $3 per pound. D) $4 per pound.
The theory of oligopoly provides another reason that free trade can benefit all countries because
a. increased competition leads to larger deadweight losses. b. as the number of firms within a given market increases, the price of the good decreases. c. as the number of firms within a given market increases, the profit of each firm increases. d. All of the above are correct.
Suppose Katrina always buys exactly 5 Rain Forest Bars each week, regardless of whether they are regularly priced at $1 or on sale for $0.50 . Based on this information, what is Katrina's price elasticity of demand for Rain Forest Bars?
a. 0 b. -1 c. Infinity d. Answer cannot be determined
In economic terminology, when a resource is used to produce output it is referred to as
A. a fifth element. B. a factor of production. C. an intangible. D. a service.