In the federal penitentiary at Lompoc, California, inmates used packages of mackerel to buy items such as haircuts at the prison barber shop and laundry services. What function do these packages of mackerel serve?
A) They functioned as money.
B) They served as a corruption deterrent.
C) They enabled prison officers to monitor illegal money flows.
D) They forced prisoners to engage in barter.
Ans: A) They functioned as money.
You might also like to view...
The cost-output elasticity can be written and calculated as
A) MC/AC. B) AC/MC. C) (AC)(MC). D) (AC)2(MC). E) (AC)(MC)2.
Perfect Shots is company specializing in wedding photos and they have a fixed advertising budget. Perfect Shots advertises on the radio and the television and it costs $5,000 per unit of radio advertising and $14,000 per unit of television advertising. At their current advertising levels, the marginal benefit from radio advertising is $4,800 and the marginal benefit from television advertising is
$14,250. To optimally allocate their advertising budget, Perfect Shots should ________. A) decrease the amount of advertising in radio and television B) increase the amount of advertising in radio and decrease the amount of advertising in television C) decrease the amount of advertising in radio and increase the amount of advertising in television D) increase the amount of advertising in radio and television
An industry that has many sellers offering slightly differentiated products is called:
A. perfectly competitive. B. monopolistic. C. oligopolistic. D. monopolistically competitive.
Which of the following statement(s) is (are) false?
A) The slope of any indifference curve is the MRS. B) The slope of any budget line is negative and related to the ratio of the prices of the goods. C) The slope of any linear demand curve is the own-price elasticity. D) None of the above (that is, all statements are true).