The problem of double coincidence of wants is associated with:
a. paper money.
b. insurance
c. credit cards.
d. barter system.
d
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Since a firm in perfect competition is a price taker, the demand curve for the firm's product is a horizontal line
a. True b. False Indicate whether the statement is true or false
A monopolist will choose to increase output when
a. market price increases. b. at all levels of output, marginal cost increases. c. at the present level of output, marginal revenue exceeds marginal cost. d. the demand curve shifts to the left.
Which of the following would do the most to reduce a trade deficit?
a. increase domestic saving b. increase domestic political stability and respect of property rights c. other countries reduce their trade restrictions d. raise tariffs
Exhibit 2-2 Production possibilities curve
In Exhibit 2-2, the opportunity cost of coffee when moving from A to B is:
A. 2 million bushels of corn. B. 6 million bushels of corn. C. 8 million bushels of corn. D. 14 million bushels of corn.