Barter transactions typically take place between two individuals with the same goods to supply
a. True
b. False
Indicate whether the statement is true or false
False
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When the price of broccoli increase relative to cauliflower, people who buy fresh vegetables respond by buying more cauliflower and fewer broccoli. As a result, the CPI has
A) a quality change bias. B) a new price bias. C) a commodity substitution bias. D) an outlet substitution bias. E) a new goods bias.
Refer to Table 4-6. The table above lists the marginal cost of polo shirts by Marko's, a firm that specializes in producing men's clothing. If the price of polo shirts increases from $15 to $20
A) the marginal cost of producing the third polo shirt will increase to $20. B) there will be a surplus of polo shirts. C) producer surplus will rise from $13 to $28. D) consumers will buy no polo shirts.
Refer to Figure 2-12. What is the opportunity cost of producing one gallon of milk in Tahiti?
A) 5/6 of a gallon of honey B) 1.5 gallons of honey C) 1.2 gallons of honey D) 1/2 of a gallon of honey
All of the following are true regarding a sealed-bid second-price auction except which one?
A) Participants submit sealed bids. B) The participant with the highest bid wins. C) The winner of the auction pays what the second-highest participant bid. D) This kind of auction is common.