The principle of voluntary exchange is the concept that a voluntary exchange between two people makes both people better off.
Answer the following statement true (T) or false (F)
True
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When compared to exchange systems that rely on money, disadvantages of the barter system include
A) the requirement of a double coincidence of wants. B) lowering the cost of exchanging goods over time. C) lowering the cost of exchange to those who would specialize. D) encouraging specialization and the division of labor.
Pollution taxes are preferred to direct controls because they don't require a way of measuring pollutants produced
a. True b. False Indicate whether the statement is true or false
Economists work both inside and outside the administrative branch of the U.S. government
a. True b. False Indicate whether the statement is true or false
If a 5 percent decrease in the price of a good produces a 5 percent increase in the quantity demanded, the price elasticity of demand is:
A. perfectly elastic. B. unitary elastic. C. elastic. D. inelastic.