Barter transactions involve a double coincidence of wants
a. True
b. False
Indicate whether the statement is true or false
True
You might also like to view...
For term life insurance, the policy holder pays
A) premiums based on current interest rates. B) a constant premium. C) premiums that vary with mortality risk. D) constantly declining premiums.
Which of the following is assumed in virtually every economic model?
a. Inefficiency exists in the economy. b. Decision makers operate in the face of unlimited resources. c. All decision makers face constraints. d. Normative economic statements are derived from mathematical equations. e. Positive statements are derived from normative statements.
A survey showed that in each of the past 12 months there was one person who was unemployed who worked in all other months. There were also two people who were unemployed for all 12 months. What percentage of the unemployment spells during the year was short term, and what percentage of the unemployment in a given month was long term?
a. 75% was short term; 33.3% was long term b. 75% was short term; 66.7% was long term c. 85.7% was short term; 33.3% was long term d. 85.7% was short term; 66.7% was long term
Say's law states that supply creates its own demand because
A. there is always a buyer for every good produced. B. supply prices are always equal to demand prices. C. prices are such that, in the short run, producers know exactly how much to produce. D. the act of producing creates an income sufficient to purchase all that is produced.