What is an example of a barter system?
What will be an ideal response?
Answer: Instead of paying rent, you clean the house for the owner.
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Paper money has been in use since the
A. Roman Empire. B. eleventh century in China. C. Civil War in the United States. D. development of money-center banking in nineteenth-century London.
Suppose an excise tax is imposed on product X. We expect this tax to:
A. increase the demand for complementary good Y and decrease the demand for substitute product Z. B. decrease the demand for complementary good Y and increase the demand for substitute product Z. C. increase the demands for both complementary good Y and substitute product Z. D. decrease the demands for both complementary good Y and substitute product Z.
Heuristics:
A. are rules of thumb that generate decisions that generally maximize net benefits. B. take a long time to develop and are therefore avoided by rational decision makers. C. are shortcuts that save time and energy in decision making. D. always waste mental resources by leading people to suboptimal outcomes.
The primary purpose of patents and copyrights is to
A) provide owners with large profit forever. B) protect firms from being taken advantage of by competing firms. C) protect domestic firms from foreign competition. D) encourage the expenditure of funds on research and development to create new products.