Money eliminates the need for:
A. specialization of labor.
B. financial Intermediaries.
C. government regulation.
D. a search for a double coincidence of wants.
Answer: D
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A public good may be defined as any good or service that:
a. must be provided to citizens who are most able to benefit from it. b. must be distributed to all citizens in equal shares. c. excludes free riders. d. none of these.
Suppose that Tom bought a bike from Helen for $195. If Helen's reservation price was $185, and Tom's reservation price was $215, the total economic surplus from this transaction was:
A. $215 B. $195 C. $185 D. $30
Which of the following is most likely to increase the potential output of an economy?
What will be an ideal response?
The production decision is a short-run decision.
Answer the following statement true (T) or false (F)