The major problem with using rabbits as money is the problem of
a. homogeneity
b. divisibility
c. portability
d. durability
e. scarcity or abundance
E
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Refer to Figure 2-2. If Vidalia chooses to produce 40 dozen orchids, how many roses can it produce to maximize production?
A) 30 dozen roses B) 50 dozen roses C) 100 dozen roses D) 150 dozen roses
The cars produced by Toyota in its factory in Kentucky ________ in U.S. GDP and ________ in U.S. GNP
A) count, count B) count, do not count C) do not count, count D) do not count, do not count
According to the second welfare theorem
A. equity cannot be analyzed in the Edgeworth box model because it shows only possible trades toward efficiency. B. the welfare of individuals is not based on material goods. C. the issues of equity and efficiency are separate in that the system can be on the contract curve but might not be considered equitable. D. when an allocation is efficient it also achieves equity.
Over time in the long run we expect unplanned inventory expenditure to:
A. be negative as firms will tend to reduce production is they think people won't purchase their product. B. be positive as on average firms tend to be optimistic about sales, but if they don't sell product they store it. C. equal zero as planned inventories should equal actual inventories. D. increase because firms have a hard time figuring out what consumers want.