The term barter refers to exchanges made:
a. only with the use of money.
b. without the use of money.
c. outside the U.S. economy.
d. only in underdeveloped countries.
e. within countries in a monetary union.
b
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The price elasticity of demand for potatoes is estimated to be -1.3, and the quantity demanded of potatoes is 3,000 bushels per week. In this situation, a 4% rise in the price of potatoes would reduce the quantity demanded by
a. 92 bushels per week. b. 120 bushels per week. c. 156 bushels per week. d. 975 bushels per week.
Only about ____ of families eat together daily, meaning one meal or more a day
a. 10% b. 25% c. 43% d. 76%
Perfectly competitive markets are efficient because
A) they always reach equilibrium. B) firms in the market are price takers. C) the cost to society for producing the goods is exactly equal to the value that society places on the good. D) the long run equilibrium assures that the prices of resources will not increase.
A widget producer is deciding whether to compensate widget makers on a salary basis or a per unit basis. Given that it is difficult to monitor shirking, which of these pay schedules would provide stronger performance incentives?
a. Per piece compensation b. Salary c. Both of them d. Neither of them