The phrase "double coincidence of wants" ________
A) is useful to explain why barter is an efficient practice
B) refers to two people who have similar tastes
C) suggests a quite improbable circumstance
D) clarifies the distinction between income and wealth
E) none of the above
C
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If MSC = 20 + 0.75A, where MSC is in millions of dollars, and A is the percentage of mercury emissions abatement, then
a. marginal social cost is $7.5 million when 10 percent of mercury emissions are abated b. the MSC function graphs with a horizontal intercept of 20 c. MSC equals $35 million if 20 percent of mercury is abated d. TSC must be declining with higher abatement levels
Assume that Figure 4-16 shows the supply of steak. An increase in the price of cattle feed will change the supply from
A. S1to S2. B. S2to S1. C. S2to S3. D. S1to S3.
"When the price level increases, aggregate planned expenditure increases and equilibrium expenditure increases." Is the preceding statement correct or incorrect? Briefly explain your answer
What will be an ideal response?
Which of the following cities contains a Federal Reserve bank?
A) Pittsburgh B) Los Angeles C) Seattle D) Dallas