Money serves as a medium of exchange means that
A) it benefits both buyers and sellers. B) it eliminates the need for barter.
C) it reduces transaction costs. D) All of the above are correct.
D
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Assume that average labor productivity is the same in each country. Based on the information in the table, which country has the highest real GDP per capita?CountryPopulation (millions)Share of Population Employed (%)A10060B15055C7550D25045E9540
A. Country D B. Country A C. Country B D. Country C
A public good is a good that:
A.) Can be jointly consumed. B.) Can be consumed by just one person. C.) Is financed by the public sector, not the private sector. D.) affects a third party.
Table 14.3Table 14.3 represents 3 markets for used stereos. Which of the markets in Table 14.3 are in equilibrium?
A. 1 only B. 2 only C. 3 only D. None of these
In many cities, garbage collectors earn more than social workers. What could explain this wage differential?
a. Social work provides more nonmonetary rewards than garbage collecting does. b. There is a greater demand for social workers. c. There is a greater supply of trash collectors. d. Collecting garbage requires less skill. e. Social work is a less prestigious profession.