In pre-colonial Central America, the cocoa seed served as a medium of exchange. The use of cocoa seed for transactions was possible because it was:
A. generally accepted among the native Indians.
B. not heavy and bulky.
C. also suitable for eating.
D. easy to grow.
Answer: A
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A consumer's willingness to pay:
A. is the maximum price that a buyer would be willing to pay for a good or service. B. is the minimum price that a buyer would be willing to pay for a good or service. C. is his or her reserved minimum bid-price. D. must always equal the seller's willingness to sell.
Among the following, which would not be considered part of the investment component of GDP?
A. Manufacturers’ equipment B. Buying corporate stock C. New houses D. Business structures
A country has had its per capital real GDP remain constant for several years. During this period this country
A. may have experienced economic growth if the average hours worked per week have fallen. B. will have an increase in the number of poor people. C. will have experienced an inward shift of the production possibilities curve. D. has not experienced any economic growth.
In the circular-flow diagram, in the markets for
a. goods and services, households and firms are both sellers. b. goods and services, households are sellers and firms are buyers. c. the factors of production, households are sellers and firms are buyers. d. the factors of production, households and firms are both buyers.