A monetary system is preferable over the barter system because it
A) is easier to track by the government. B) limits cash leakages.
C) reduces transaction costs. D) is determined by the Congress.
C
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Computer processors and memory costs have decreased dramatically in the past 25 years. As a result, in the computer market, we have seen
A. an increase in demand. B. an increase in supply. C. a decrease in demand. D. a decrease in supply.
Answer the next question on the basis of the data given for two regions, East and West, of a hypothetical world. The nations have the production possibilities for units of food and clothing given below.East Production PossibilitiesWest Production Possibilities ABCD ABCDFood241680Food4530150Clothing04812Clothing051015Which of the following is true?
A. For the West region, the cost of 5 units of clothing is 10 units of food. B. For the East region, the cost of 8 units of food is 8 units of clothing. C. For the West region, the cost of 15 units of food is 5 units of clothing. D. For the East region, the cost of 4 units of clothing is 6 units of food.
While the Fed has a "dual mandate" of goals to achieve, most economists believe that in the long run the single key role is attaining
A) price stability. B) high inflation rates. C) low economic growth rates. D) high levels of income and output. E) stable velocity of money.
Which of the following statements is true?
A) Marginal analysis is a key component in the process of optimization in levels. B) Only direct costs are considered when the net benefits of the alternatives are calculated. C) In both the techniques of optimization, all costs have to be converted to the same unit of measurement. D) Optimization in levels calculates the change in net benefits when a person switches from one alternative to another.