Diana tutors Tiago for two hours before his economics final exam. Tiago pays Diana through a direct transfer from his bank on a payment app. Diana then uses her debit card to buy pizza for dinner from the local pizza parlor. This is an example of
a. the exchange of money facilitating production and trade
b. trade between two people who each have a good or service that the other wants.
c. an inefficient allocation of scarce resources.
d. the creation of money through monetary policy.
Answer: a. the exchange of money facilitating production and trade
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The table below shows the utility schedule for a consumer of candy bars. Candy Bars ConsumedTotal Utility001529312414515615713The consumption of which candy bar yields the greatest marginal utility?
A. seventh B. sixth C. fifth D. first
People who consent to bear costs for the benefit of others whom they do not know personally usually do so
A) because they are concerned about the welfare of society. B) because they have been offered some benefit as an inducement. C) only when they are compelled by force. D) without calculating the costs to themselves.
Investment in the agricultural economy of the antebellum period of U.S. history usually entailed everything below except
(a) Clearing lands (b) Purchasing stocks and bonds (c) Constructing fences and buildings (d) Purchasing farm implements
The demand for microwaves in a certain country is given by: D = 8,000-30P, where P is the price of a microwave. Supply by domestic microwave producers is: S = 4,000 + 10P. If this economy opens to trade while the world price of a microwave is $50, and the government imposes a tariff of $30 per microwave, then the domestic quantity supplied will be ________ microwaves.
A. 4,800 B. 5,000 C. 4,000 D. 4,500