Like nations, an individual who runs a deficit in daily transactions must make up for it through accommodating transactions to bring about an ultimate balance of credits and debits in his or her personal account. The best example of such a transaction is ______.
a. paying higher federal taxes
b. increasing consumption
c. making gifts to charities
d. reducing personal savings
d. reducing personal savings
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Fogel's (1964) work on railroads after the Civil War shows that they did not dominate the markets for steel, coal or wood
Indicate whether the statement is true or false
The law of diminishing marginal utility states that marginal utility must diminish after the first unit of consumption of every good or service
a. True b. False Indicate whether the statement is true or false
Figure 17-10
Refer to . Consumer surplus with trade and without a tariff is
a.
A.
b.
A + B.
c.
A + C + G.
d.
A + B + C + D + E + F.
Transaction costs refer to:
A. variable costs of labor. B. fixed costs of capital. C. economies of scale. D. costs of exchange unrelated to production costs.