When a resource is an open-access resource,
a. each individual in the society owns it
b. the group owns it
c. no one owns it
d. the government owns it
e. some nonprofit agency owns it
C
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What is a problem with barter that makes it so difficult to use?
A) Individuals have to produce something to trade with. B) Barter omits the store of value role for money. C) Barter requires use of only fiat money. D) Barter requires a double coincidence of wants. E) Barter is very efficient but illegal because it avoids taxation.
An increase in the real exchange rate
A) makes imports more expensive. B) makes imports less expensive. C) does not affect import values. D) always makes the number of imports rise. E) makes domestic consumers spend more on only foreign imports.
On a diagram with "calories consumed per day" on the horizontal axis and "exercise per day" on the vertical axis, we can draw a line along which your body weight at this moment will remain constant
This line is analogous to how ________ for changing values of the variables on the two axes. A) the IS curve holds income constant B) the IS curve holds the demand for money constant C) the LM curve holds the demand for money constant D) the LM curve holds income constant
If the government breaks up a constant-cost, nondiscriminating monopoly into a perfectly competitive industry, what would we expect with regard to output and price?
a. Output and price will decrease. b. Output will increase and price will decrease. c. Output and price will increase. d. Output will decrease and price will increase. e. No change.