Major barrier between communication is ___
Fill in the blank(s) with the appropriate word(s).
Ans: language
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"A shortage is the same thing as scarcity." Do you agree or disagree with this statement? Why? What can cause a shortage to disappear in a market? What can cause scarcity to disappear?
What will be an ideal response?
Now suppose competition among several market makers forces the spread down to $4 . How many goods are traded?
a. Four b. Five c. Six d. Seven
Under the gold standard, all except one of the following are true. Which is not true?
a. Paper currency was convertible into gold at a fixed rate. b. A balance-of-payments deficit would result in a loss of gold. c. A balance-of-payments surplus would result in an inflow in gold. d. The money supply of any country was largely determined by flows of gold. e. A surplus country experienced a rise in its money supply and a drop in its price level.
When the equilibrium price of a product is present
a. neither consumers nor producers will benefit from the exchanges. b. the value of the products to the consumers will exceed the costs of the resources required for their production. c. the consumers will benefit from the exchanges, but the producers will experience losses. d. the producers will profit from the exchanges at the expense of consumers.