The requirement of a "double coincidence of wants" is the chief __________ of the __________ exchange system
A) advantage; barter
B) advantage; monetary
C) disadvantage; barter
D) disadvantage; monetary
C
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In the long run, which of the following conditions is true for a monopolistically competitive firm?
A. P > AC and MR = MC. B. P = MC and MR > AC. C. P = AC and MR = MC. D. P > MR and P > AC.
If the Fed lowers its target for the federal funds rate, this indicates that
A) the Fed is pursuing an expansionary monetary policy. B) the Fed is pursuing a contractionary monetary policy. C) the Fed is attempting to combat inflation. D) the Fed is concerned that the growth in aggregate demand will exceed potential GDP.
The labor demand curve of an imperfectly competitive seller is downward sloping
A. solely because of diminishing marginal utility. B. solely because of diminishing returns. C. because of both diminishing returns and the necessity to lower price to sell more output. D. solely because product price must be reduced to sell more output.
Exhibit 2-17 Production possibilities curve
In Exhibit 2-17, if countries A and B currently have the same production possibilities curve (PPC) as given in the figure, but this year country A locates at point A on its PPC and country B locates at point B on its PPC, then country A:
A. is more efficient than country B. B. will grow at a faster rate than country B. C. will grow at a slower rate than country B. D. is producing more capital goods than country B.