In a "pure exchange" market:
a. resources are owned only by the government.
b. resources are owned by few people.
c. people trade money for goods that are produced in the domestic economy.
d. there is no production and people trade money for goods that already exist.
D
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The account that shows international transactions involving currently produced goods and services is called the
A) trade balance. B) current account. C) balance of payments. D) capital account.
A firm will hire additional units of any input up to the point where
a. the marginal productivity of the input is maximized. b. the marginal cost of employing the input is minimized. c. the expense of employing the last unit is equal to the revenue brought in by the last unit. d. the revenue brought in by the input is maximized.
The discount rate is the rate of interest charged when banks lend excess reserves to one another.
a. true b. false
The movement of individuals and households from one income quintile to another over time is called:
A. income averaging. B. wealth turnover. C. income mobility. D. the ratchet effect.