The price of one product in terms of another commodity is called its
A) relative price.
B) money price.
C) financial price.
D) converse price.
A
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If the production possibilities frontier for guns and butter is bowed outward from the origin, this indicates constant opportunity cost between the two goods.
Answer the following statement true (T) or false (F)
The most likely reason why Los Angeles has so much smog is that residents
a. do not have strong, enforceable property rights to rapid transit b. do not have strong, enforceable property rights to clean air c. prefer dirty air to the inconvenience of rapid transit d. prefer dirty air to the inconvenience of carpools e. prefer dirty air to the inconvenience of eliminating smog
The purchase of a virtual item from an online company with a virtual currency causes the nation's:
a. Monetary base to rise. b. M2 money supply to rise. c. M2 money multiplier to remain the same. d. Monetary base to fall.
One possible solution to an incentive problem arising under unobservable actions is:
A. to be the boss and fire the inefficient worker and send a signal to others. B. to pay more and make the worker efficient. C. to sell the agent the right to the total production. D. to buy the agent's right to his total output.