Which is an example of a barter system?
a. Instead of paying rent, you clean the house for the owner.
b. Instead of paying cash for a computer, you use a credit card.
c. Instead of paying the full amount for a car, you pay 10 percent in cash and pay for the rest in monthly installments.
d. Instead of paying for a purchase in Mexico in pesos, you use dollars from the United States.
Ans: a. Instead of paying rent, you clean the house for the owner.
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According to your text, the economic way of thinking focuses on
A) actions, interactions, and consequences. B) intentions, motivations, and results. C) hypothesis generation, determination of control group, and testing of hypothesis. D) id, ego, and superego.
Elimination of riskless profit opportunities in the futures market is
A) hedging. B) arbitrage. C) speculation. D) underwriting.
The response in quantity demanded to a price increase in subway rides:
A. will be less elastic in six weeks than in six months. B. will be the same over that time period. C. will be more elastic in six weeks than in six months. D. is unpredictable without more information.
In a long-run perfectly competitive equilibrium
A) P = MR = MC > ATC. B) P = MR > MC = ATC. C) P = MR = MC = ATC. D) P > MR > MC = ATC.