The evolution of the payments system from barter to precious metals, then to fiat money, then to checks can best be understood as a consequence of
A) government regulations designed to improve the efficiency of the payments system.
B) government regulations designed to promote the safety of the payments system.
C) innovations that reduced the costs of exchanging goods and services.
D) competition among firms to make it easier for customers to purchase their products.
C
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You paid $35 for a ticket (which is non-refundable) to see SPAM, a local rock band, in concert on Saturday. Assume that $35 is the most you would have been willing to pay for a ticket. Your boss called, and she is looking for someone to cover a shift on Saturday at the same time as the concert. You would have to work 4 hours and she would pay you $11/hr. The psychic cost to you of working is $2/hr. What is the opportunity cost of going to the concert?
A. $35 B. $36 C. $9 D. $1
Consider the following statements:
a. Soda drinkers purchase more soda from a grocery store that sells soda at a lower price than other rival grocery stores in the area. b. Homeowners do not take steps to increase security even though they believe it is more costly to allow burglaries than to install security monitoring equipment. c. Manufacturers produce less of a particular cell phone when its selling price rises. Which of the above statements demonstrates that economic agents respond to incentives? A) a only. B) b only. C) c only. D) a and b. E) a, b, and c.
A market demand curve shows
a. the relationship between price and the number of buyers in a market. b. how quantity demanded changes when the number of sellers changes. c. the sum of all prices that individual buyers are willing and able to pay for each possible quantity of the good. d. how much of a good all buyers are willing and able to buy at each possible price.
Using current exchange rates, the U.S. standard of living is ranked
A) higher than it would be under the purchasing power parity method. B) lower than it would be under the purchasing power parity method. C) number one in the world. D) among the lowest in the world. E) none of the above