Bartering is:
A. just as efficient as using money.
B. very efficient compared to using money.
C. slightly inefficient compared to using money.
D. extremely inefficient compared to using money.
Answer: D
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The substitution effect of a wage decrease examines the effect of the decrease in wage income on a worker's ability to consume goods and services
Indicate whether the statement is true or false
Joanne left her last job, in which she was earning $50,000, in order to form her own consulting business. Her revenues for the first year of consulting were $210,000. During that year, she hired two assistants for $25,000 each and spent $25,000 on office equipment. In addition, she incurred $75,000 in miscellaneous expenses. Her accounting profit that first year was
A) $10,000. B) $60,000. C) $210,000. D) $50,000.
For which of the following is demand most likely to be perfectly inelastic?
a. BMW automobiles b. Pepsi Cola c. hot dogs d. insulin e. Tylenol
Which of the following is not an example of a natural resource?
A. River B. Forest C. Coal deposit D. Piece of machinery