Compared to a barter economy, an economy that uses money will
A) be greedier.
B) be poorer.
C) have more corruption.
D) have more output.
D
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The appearance of "classical American capitalism" in the middle and late 19th century includes all of the following except
(a) An industrial labor force concentrated in manufacturing centers (b) The commercialization of agriculture and extractive industries (c) The rise of big-time finance and giant transportation systems (d) The strengthening of small scale family farm enterprises and hand-crafted production activities
The profit maximizing condition for a firm selling its output in a competitive market and buying its resources in a competitive market is
A) P = MC only. B) MRP = wage only. C) Both A and B. D) Neither A nor B.
GDP is used as the basic measure of a society's economic well-being. A better measure of the economic well-being of individuals in society is
a. saving per person. b. GDP per person. c. government expenditures per person. d. investment per business firm.
Along a linear downward-sloping demand curve, the price elasticity of demand will be:
A. Greater than one across each price range B. Less than one across each price range C. Equal to zero across each price range D. Different across each price range