If money was not used as a medium of exchange,
A) the transaction costs of exchange would be lower.
B) our standard of living would probably improve.
C) economic efficiency would increase.
D) the gains from trade would be severely limited.
D) the gains from trade would be severely limited.
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During the 2007-2009 financial crisis the currency ratio
A) increased sharply. B) decreased sharply. C) increased slightly. D) decreased slightly.
In high schools, all teachers were paid the same based on years of service and regardless of specialization. Beginning in the 1970s, a shortage of science and math teachers developed as private industry paid more for math and science skills than schools could offer. At the same time, a decline in the number of school-age children tended to reduce the demand for all other teachers, which led to a
surplus. The economist's solution to this problem would be a. merit pay to reward the best teachers. b. recognition that all teachers do comparable work and should be paid the same. c. to raise the wages of all teachers. d. to raise the wages of teachers in fields that are in short supply and lower those of others.
In contrast to previous eras, a significant change seen today is that no model of government
a. is viewed as a good alternative to democracy. b. can successfully overthrow all vestiges of autocratic rule. c. is associated with a significant wealth gap. d. can compete with the power of individual citizens.
Use the above table. The MPC is
A. 0.09. B. 0.91. C. 0.80. D. 0.20.