Without trade, a country's consumption possibilities are
A. Less than its trade balance.
B. Greater than with trade.
C. More than its terms of trade.
D. Limited to its domestic production possibilities.
Answer: D
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In a properly functioning economy, money costs approximate opportunity costs.
Answer the following statement true (T) or false (F)
Individuals that lend funds to a bank by opening a checking account are called
A) policyholders. B) partners. C) depositors. D) debt holders.
The unit of account characteristic of money:
A. means that money finalizes payments. B. makes it difficult to compare the relative prices of goods and services. C. means prices are expressed in terms of money. D. refers to how we use money to transfer purchasing power over time.
A cake is to be shared by two people. Both desire the largest piece possible. One of the two will cut the cake. Under which of the following situations will the cutter adopt a Rawlsian social welfare function?
A) The person cutting the cake chooses the first piece. B) The person not cutting the cake chooses the first piece. C) The two individuals will bid for the right to cut the cake and choose first. D) The two individuals will toss a coin for the right to cut the cake and choose first.