The selling prices of goods and services in the open market is called the _______ value.
a. exchange
b. sale
c. money
d. risk
e. none of the above
Answer is a. exchange
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Explain how the introduction of an additional competitive market can always solve the efficiency problem that emerges from a negative externality.
What will be an ideal response?
A decrease in population shifts the production possibilities frontier outwards over time
Indicate whether the statement is true or false
The theory of purchasing power parity cannot fully explain exchange rate movements in the short run because
A) all goods are identical even if produced in different countries. B) monetary policy differs across countries. C) some goods are not traded between countries. D) fiscal policy differs across countries.
In which of the following industries would we expect collusion to be most effective?
a. retail gasoline, where most gas is sold by a large number of small dealers b. crude oil production, where most oil is sold by a small number of large sellers c. housing construction, an industry dominated by local firms that produce unique products d. soybean production, where there are large numbers of farmers in many countries