If an economy has no money, then all transactions must be conducted through the use of ________
A) credit cards
B) barter
C) debit cards
D) tobacco or wampum
B
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Computing the CPI is important because ________
A) it is a very accurate and error-free measure of the cost of living B) it helps predict spending patterns for particular goods and services C) government uses it to index entitlements, such as social security benefits, so that beneficiaries do not lose purchasing power in periods of inflation D) all of the above E) none of the above
If accounting profits are positive then economic profit is positive
Indicate whether the statement is true or false
If a firm faces a price of $12 regardless of how many units it produces and the marginal cost is constant at $10 regardless of how many units it produces, then theoretically, the firm should never stop producing
Indicate whether the statement is true or false
What is scarcity and why does it exist? How is scarcity related to the study of economics?
What will be an ideal response?