In England, a system of established markets, the market overt and fairs, had been established. The purpose was to
(a) provide an organized means for the exchange of produced goods or movable property such as livestock.
(b) allow government officials to inspect the quality of the goods and regulate business activities.
(c) provide for the legal transfer of title when chattel goods changed hands between buyers and sellers.
(d) apply all of the above.
(d)
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What does a Lorenz curve illustrate?
A) the change over time in the percentage of households with incomes that place them below the poverty line B) the share of taxes paid by different groups of households C) the distribution of income within a country in a given time period D) a comparison of the distribution of income in two different countries
When the Federal Reserve carries out open market operations, it announces in advance the effect it wishes to have on the federal funds rate
a. True b. False Indicate whether the statement is true or false
One example of labor-market discrimination is that firms may be less likely to interview job-market candidates whose names suggest that they are members of a racial minority
a. True b. False Indicate whether the statement is true or false
People are willing to pay more for a diamond than for a bottle of water because
a. the marginal cost of producing an extra diamond far exceeds the marginal cost of producing an extra bottle of water. b. the marginal benefit of an extra diamond far exceeds the marginal benefit of an extra bottle of water. c. producers of diamonds have a much greater ability to manipulate diamond prices than producers of water have to manipulate water prices. d. water prices are held artificially low by governments, since water is necessary for life.