Which of the following is an example of a nonmarket transaction?
a. a vacation in Hawaii
b. a bribe paid to a politician
c. income from illegal gambling
d. swapping one good for another good
d. swapping one good for another good
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Referring to a production possibilities curve and the goods being compared, depict the economic event. Computerization in the 1990s launched thousands of new businesses in the United States (capital goods vs. consumer goods).
A. A movement from a point inside the curve to a point on the curve B. A movement from a point on the curve to a point inside the curve C. A shift in the entire curve to the right (outward) D. A shift in the entire curve to the left (inward)
How does the policy trilemma help to explain the failure of Argentina's currency board?
What will be an ideal response?
Which statement best describes the effect(s) that occur when a monopoly firm reduces the price of its product?
a. The "price effect" causes total revenue to fall. b. The "output effect" causes total revenue to rise. c. The "revenue effect" causes total revenue to remain constant. d. Both a and b are correct.
A freeze on wages and prices was introduced by President
A. Franklin Delano Roosevelt. B. Harry S. Truman. C. Dwight D. Eisenhower. D. John F. Kennedy.