Unlike developed countries, people in under-developed countries usually haggle over the prices of everyday items because:
a. the cost of production is low.
b. the products are in general of poor quality.
c. of the differences in the opportunity cost of time.
d. adequate substitutes are available.
C
You might also like to view...
All of the following were actions taken by the government or the Fed in response to the Financial Crisis of 2007-2009 EXCEPT
A) purchasing of most toxic assets such as mortgage-backed securities. B) reducing the federal funds rate to near zero. C) insuring deposits in money market mutual funds. D) effective nationalization of Fannie Mae and Freddie Mac.
The largest share of federal government tax receipts is derived from
A) corporate income taxes. B) excise taxes. C) social insurance contributions. D) individual income taxes.
One explanation for the change in the participation rate of married women in the U.S. labor force is that:
Lauren and Katy each bought a new bike lock for $20. Both Lauren and Katy would have paid $25 for the lock. Katy's consumer surplus equaled
A) $10. B) $40. C) $5. D) $20. E) $50.