In Book 23 of Homer's Iliad are these words: "The winner was to acquire a fire-straddling tripod valued at twelve oxen by the Akhaians. As for the loser, in their midst Akhilleus placed a woman versatile at crafts, whose value was four oxen." What does this passage tell us about economics in the Iliad?
A. Oxen were used as the medium of exchange.
B. Oxen were used as the unit of account.
C. Oxen were the best way to store wealth.
D. Oxen were used as legal tender.
Answer: B
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Consider the market for peanut butter. If there is an increase in the price of peanuts,
A) there is a decrease in the supply of peanuts. B) there is a decrease in the demand for peanut butter. C) there is an upward movement along the supply curve for peanut butter. D) there is a decrease in the supply of peanut butter. E) the supply curve for peanuts shifts rightward.
What was the World Bank designed to do?
(a) Serve as a long-term lender (b) Serve as a short-term lender (c) Make both short and long-term loans (d) Make grants-in-aid, but not to be a lending institution
The longer the time period considered, the greater the mobility within an income distribution
a. True b. False Indicate whether the statement is true or false
A firm's labor demand curve is derived from the supply of the goods and services it produces
a. True b. False