Money has replaced the need to barter, which is:
A. something you can directly offer, like any good or service, in exchange for some good or service you want.
B. something you can use to purchase goods and services.
C. a certain amount of purchasing power that it retains over time.
D. a standard unit of comparison.
Answer: A
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Consider two goods X and Y available for consumption. Assume that the price of X changes while the price of Y remains fixed. For these two goods, the price-consumption curve illustrates the
A) relationship between the price of X and consumption of Y. B) utility-maximizing combinations of X and Y for each price of X. C) relationship between the price of Y and the consumption of X. D) utility-maximizing combinations of X and Y for each quantity of X.
If Canada has a comparative advantage over Denmark in the production of wood, this implies that
a. it requires fewer resources in Canada than in Denmark to produce wood b. the opportunity cost of producing wood in Canada is lower than in Denmark c. Denmark does not benefit by trading with Canada d. Canada should buy wood from Denmark e. Canada does not benefit by trading with Denmark
In reality, commercial banks function most like ____ of the district Federal Reserve Banks
a. stockholders b. regulators c. customers d. competitors
Tax influence of the elasticity of supply
What will be an ideal response?