An economy without monetary exchange is called
A) a primitive economy.
B) a barter economy.
C) a socialist economy.
D) an autarky economy.
B
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One thing that distinguishes normative economic principles from positive economic principles is that:
A. normative principles are pessimistic and positive principles are optimistic. B. normative principles tell us how people should behave, and positive principles tell us how people will behave. C. normative principles tell us how people will behave, and positive principles tell us how people should behave. D. normative principles reflect social norms, and positive principles reflect universal truths.
The following changes in a consumer's economic circumstances result in a steeper budget line with the vertical intercept unchanged. (Denote the good on the horizontal as good 1 and the good on the vertical as good 2.)
A. A k percent decrease in the price of good 2 combined with a k percent decrease in income B. A k percent increase in the price of good 2 combined with a k percent decrease in income C. A k percent decrease in the price of good 2 combined with a k percent increase in income D. A k percent increase in the price of good 2 combined with a k percent increase in income. E. None of the above
The free rider problem is triggered when a good is ________, and the tragedy of the commons arises when a good is ________
A. both rivalrous and nonexcludable; rivalrous. B. nonexcludable; both rivalrous and nonexcludable. C. rivalrous; both rivalrous and nonexcludable. D. both rivalrous and nonexcludable; excludable.
Which of the following examples of product differentiation uses physical differences?
a. One syrup brand uses added sugars, while another use 100 percent maple syrup. b. J & B’s Tavern does more business than other taverns in the city because it is near a ballpark. c. Sterling, Inc. has a stellar reputation as the best cutlery on the market. d. Jeremy uses a pet store because it has better service than its major competitor.