A traditional economy is based on
a. government regulation.
b. self-sufficiency.
c. barter.
d. both self-sufficiency and barter.
d. both self-sufficiency and barter.
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In the United States, a collusive agreement to restrict output and increases prices is
A) legal. B) the key tool used by oligopolists. C) illegal. D) the key tool used by monopolistic competitors.
In the abstract, an omniscient government would have little power to move inefficient markets toward efficiency
a. True b. False
A "kinked" demand curve reflects a tendency on the part of an oligopolist to:
a. follow price increases but not price reductions. b. following price reductions but not price increases. c. be unconcerned with rivals' behavior. d. None of these.
Which of the following will be excluded from the measurement of gross domestic product (GDP)?
a. The market value of automobiles purchased by the federal government b. The market value of California wine purchased by a Canadian firm c. The payment of employees' medical insurance d. The market value of computers purchased by state governments e. The market value of transactions in the underground economy