Refer to Table 7-6. If the actual terms of trade are 1 belt for 1.5 swords and 50 belts are traded, how many belts will Morocco consume?
A) 60 B) 70 C) 90 D) 120
B
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Buyers who are persuaded to take a product home to try it out, _____
a. are likely to return the product later b. are lucky the seller is not concerned about the buyers' credit ratings c. will not derive any utility from that product. d. have no money to pay at the time e. will be reluctant to return the product when payment is due
The production decisions of perfectly competitive firms follow one of the Ten Principles of Economics, which states that rational people
a. consider sunk costs. b. equate prices to the average costs of production. c. prefer to purchase products from smaller rather than larger firms. d. think at the margin.
How do nonprice-level factors that change total spending in an economy affect the aggregate demand curve?
a. The entire curve shifts leftward or rightward. b. There is movement along the curve. c. The curve becomes perfectly vertical. d. The entire curve develops an upward slope.
The direct exchange of goods and services for other goods and services without the use of money is
A. financial intermediaries. B. a store of value. C. barter. D. a standard of deferred payment.