Which of the following goods might, under the right circumstances, be substitutes for love?
A) Power
B) Wealth
C) Notoriety
D) All of the above.
E) Trick question: there are no substitutes for love.
D
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If the shares of stock that Doug owns go up in value from $10,000 to $15,000, then Doug's wealth:
A. does not change. B. increases by $15,000. C. decreases by $5,000. D. increases by $5,000.
The main reason barter is extremely inefficient is that:
A. you have to find someone who both has what you want and wants what you have. B. it can have very high transactions costs associated with it. C. people and firms have to spend a lot of time looking for mutually agreeable trades. D. All of these are true.
Suppose that when price is $10, quantity supplied is 20 . When price is $6, quantity supplied is 12 . The price elasticity of supply is
a. 0.2 b. 0.5 c. 1.0 d. 1.5 e. 2.0
Every point on the joint production possibilities frontier represents
A) an initial endowment. B) inefficient production. C) the marginal rate of substitution of goods for each producer. D) at least one producer specializing in production.