Which of the following is the most efficient means of trade?
A) barter
B) money
C) government rationing
D) the combination of barter with some government rationing
B
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Use the figure below to answer the following question.
If the output level is Q1, then there is missing surplus indicated by the area
A. 0abe. B. ecf. C. 0eQ1. D. bce.
Which of the following assets is almost riskless?
A) Common stocks B) Long-term corporate bonds C) U.S. Treasury bills D) Long-term government bonds E) Apartment buildings
Which of the following statements is an example of confusing association and causation?
A. Senator Jones believes that more tax revenue should be distributed to the poor. B. A map includes roads, but not every restaurant, telephone pole, and C. Interest rates rise when it rains, all other factors constant. D. When the price of Coca-Cola increases, consumers buy more Pepsi, all other factors constant.
Table 1.3 shows the hypothetical trade-off between different combinations of brushes and combs that might be produced in a year with the limited capacity for Country X, ceteris paribus.Table 1.3Production Possibilities for Brushes and CombsCombinationNumber of combsOpportunity Cost(Foregone brushes)Number of brushesOpportunity Cost (Foregone combs)J4 0NAK3 10 L2 17 M1 21 N0NA23 On the basis of Table 1.3, in the production range of 21 to 23 brushes the opportunity cost of producing one more comb in terms of brushes is
A. 4. B. 1/21. C. 1/2. D. 21/23.