Markets reduce transactions costs
a. by decreasing the time spent searching for information about goods and services
b. only when they have a highly structured set of rules like the New York Stock Exchange
c. because each market uses the same set of rules for buying and selling goods and services
d. only when the government can coordinate the plans of many buyers and sellers
e. when prices are set by the sellers and are not determined by negotiation between the buyers and the sellers
A
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Responses to global climate change include the alteration of consumer and business behavior to reduce any damage that might occur from global climate change. This is called
A. a carbon tax. B. revealed preference systems. C. mitigation. D. adaptation.
Suppose that frozen dinners were once a normal good for John, but now frozen dinners are an inferior good for him. John's demand curve for frozen dinners
A) has become steeper as a result. B) has become flatter as a result. C) has not changed as a result. D) has disappeared as a result.
A graph illustrating how one variable changes over time is a Cartesian coordinate system.
Answer the following statement true (T) or false (F)
Calculations make it clear that for the majority of current retirees, the rate of return on Social Security taxes and benefits was
A. lower than what would have been generated in private stock-market investments. B. greater than what would have been generated in private stock-market investments. C. riskier than what would have been generated in private stock-market investments. D. roughly equal to what would have been generated in private stock-market investments.