Which of the following is an example of barter?
a. A parent gives a teenager a $10 bill in exchange for her babysitting services.
b. A homeowner gives an exterminator a check for $50 in exchange for extermination services.
c. A barber gives a plumber a haircut in exchange for the plumber fixing the barber's leaky faucet.
d. All of the above are examples of barter.
c
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A country cannot develop without a large natural resource base
a. True b. False Indicate whether the statement is true or false
The student government associations at several universities have experimented with purchasing bicycles to leave around campus for everyone's use. Anyone who needs the bike can use it, and they are not allowed to lock the bike up or take it home, but rather must leave it on campus for someone else to use. Economic theory would predict that
a. students will take better care of these commonly owned bicycles than they do their own bicycles. b. students will take equally as good care of these commonly owned bicycles as they do their own bicycles. c. students will not take as good of care of these commonly owned bicycles as they do their own bicycles. d. because universities have a lot of money, these bikes will be better maintained than the ones owned privately by college students who tend to have little money.
Which of the following are problems with the federal budget process?
a. continuing resolutions instead of budget decisions b. lengthy budget process c. uncontrollable budget items d. all of the above are problems with the budget process
The value of intermediate goods is not included in the calculation of GDP to avoid the problem of
A. depreciation. B. inflation. C. double counting. D. transfer payments.