When you have a job and your employer compensates you for your time with money, resulting in both of you being better off, it is an example of a voluntary exchange.
Answer the following statement true (T) or false (F)
True
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The winner's curse occurs when
A) bidders "shade" their bids. B) the winning bid is higher than the good's common value. C) the winner buys something he didn't need. D) the winning bid is higher than the private value of the good.
_____ goods are rivalrous in consumption and excludable
Fill in the blank(s) with the appropriate word(s).
Which of the following might be an example of an economic argument against advertising?
a. It causes the demand for the good to be more elastic b. It allows the producer to earn an economic profit in the long run c. People may be deluded into thinking that a good with a brand name is better than an otherwise identical generic brand d. The claims made in the ads are almost always false
The figure below shows the production-possibility curves for Canada (AB) and the rest of the world (CD). The opportunity cost of producing a bushel of corn in Canada and in the rest of the world are ________ liters and ________ liters of maple syrup, respectively.
A. 9/7; 1/2 B. 9/7; two C. 7/9; 1/2 D. 7/9; two