A direct exchange of fish for corn is an example of:
a. storing value.
b. a modern exchange method.
c. barter.
d. a non-coincidence of wants.
c
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For each watch Denmark produces, it gives up the opportunity to make 50 pounds of cheese. Germany can produce one watch for every 100 pounds of cheese it produces. Which of the following is true concerning production possibilities curves in both countries?
a. The slopes of the countries' production possibilities frontiers cannot be determined unless the number of workers in each country is known. b. The countries' production possibilities frontiers have the usual bowed-out shape. c. On a graph with cheese on the vertical axis, the slope of Germany's production possibilities frontier is everywhere equal to 1/100. d. On a graph with cheese on the vertical axis, the slope of Germany's production possibilities frontier is steeper than Denmark's. e. On a graph with cheese on the vertical axis, the slope of Germany's production possibilities frontier is everywhere equal to negative 1/100.
Which of the following best describes the crowding-out effect?
a. An increase in government expenditures will cause taxes to rise, which will reduce both aggregate demand and output. b. An increase in borrowing by the government will push interest rates upward, which will lead to a reduction in private spending. c. An increase in borrowing by the government will decrease the money supply and, thereby, reduce aggregate demand. d. An increase in government expenditures will cause the general level of prices to fall and, thereby, reduce aggregate demand and output.
Which program provides money and in-kind assistance to the poor?
a. supplementary security income b. earned-income tax credit c. income assistance programs d. Medicaid
To find economic profit from accounting profit, it is necessary to
A) subtract dividends. B) add retained earnings. C) subtract the opportunity cost of capital. D) add depreciation expense.