A monetary system is preferable over the barter system because of the problems associated with
A) the law of diminishing marginal utility. B) the law of increasing relative costs.
C) the double coincidence of wants. D) cash leakages.
C
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When Sardar buys insurance, on net he
A) gains if the value of the insurance is greater than the price he pays the insurance company. B) loses because the price must pay the insurance company lowers his expected utility. C) gains because his actual wealth with the insurance is greater than his expected wealth without the insurance. D) loses if the price of the insurance equals his expected loss from a bad outcome.
An example of the command-and-control approach to environmental policy is:
a. allowing individuals to sue freon producers if CFC emissions exceed a government-set standard. b. allowing coal producers to buy and sell permits to allow CFC emissions. c. placing a tax on freon to reduce its use and the corresponding CFC emissions (which contribute to the ozone hole). d. none of these.
Economics, according to its definition, studies how people:
a. earn and spend money. b. invest in the stock and bond markets. c. make choices in the face of scarcity. d. supply goods in response to demand.
One of the first issuances of stock was offered by the:
A. East India Company. B. South Seas Company. C. Apple Company. D. North Seas Company.