Which of the following is a market transaction?
A. A stock increases in value over the 30 years that it is owned.
B. A radio station changes its programming from classical to rock.
C. Weather destroys a farmer's crops, leaving the farmer unable to buy groceries.
D. A college student purchases a laptop computer.
Answer: D
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Answer the next question based on the following data. All figures are in billions of dollars.Government purchases$10Consumption115Gross investment35Consumption of fixed capital7Exports11Imports14Â This nation's GDP is ________.
A. $163 billion B. $164 billion C. $157 billion D. $171 billion
Assume the United States can use a given amount of its resources to produce either 20 airplanes or 8 automobiles and Japan can employ the same amount of its resources to produce either 20 airplanes or 10 automobiles. The U.S. should specialize in:
a. airplanes. b. automobiles. c. both goods. d. neither good.
A monopolist’s cost curves may shift down because
A. large-scale input purchases may permit the monopolist to take quantity discounts. B. of advertising expenditure. C. competitors are pushed out of the market. D. of bureaucratic inefficiencies.
Karl Marx wrote largely about
A. 19th century England. B. 18th century England. C. 19th century Russia. D. 18th century Russia.