Barter transactions
A. involve directly exchanging goods for other goods.
B. can occur without the "double coincidence of wants."
C. are less costly than transactions involving money.
D. involve the use of money as a medium of exchange.
A. involve directly exchanging goods for other goods.
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The figure above shows the U.S. demand and U.S. supply curves for cherries. Suppose the world price of cherries is $2 per pound. At this price, U.S. consumption of cherries will equal
A) 200,000 pounds. B) 400,000 pounds. C) 600,000 pounds. D) 800,000 pounds. E) 0 pounds.
Economists who are skeptical of hysteresis in Europe during the 1980s and 1990s cite all of the following as reasons for persistently high unemployment in Europe EXCEPT
A) generous unemployment benefits. B) restrictions on firms' ability to hire and fire workers. C) the existence of an ongoing recession. D) high tax rates.
Which of the following is true for firms that produce in markets where there are no barriers to entry?
a. The firms will always make positive economic profits in the long run. b. The firms will always make positive economic profits in the short run. c. The firms will always make zero economic profits in the short run. d. The firms will always make zero economic profits in the long run.
A primary objective of labor unions is to
A. seek better pay and improved work conditions. B. have equal power with their employer. C. secure equal pay for its members. D. all of these. E. none of these.