Barter is:
A. the direct trade of goods and services for other goods and services.
B. the extension of credit to borrowers using funds raised from savers.
C. a means of channeling funds from savers to borrowers with productive investment opportunities.
D. an equity claim to ownership.
Answer: A
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Refer to the figure above. If a price control is imposed at $8, what is the loss in producer surplus?
A) $30 B) $60 C) $90 D) $120
Robert Fogel (1964) demonstrates that
(a) the social saving of the railroad was large; much of the country (over 25%) could not have been settled and cultivated without the railroad. (b) the canal and river systems of transportation could very nearly have produced the same results as the railroad in terms of land cultivated. (c) the railroad was responsible for a great "take-off" in terms of economic growth in the 19th century. (d) the railroad gave a huge boost to the iron industry because for a time it consumed well over 50% of all iron produced.
In Figure 5.8, if the supply curve moves from S1 to S3,
A. the firm will go from making an economic profit to a loss. B. the firm will make a smaller economic profit than they used to. C. the firm will go from making normal profits to a loss. D. the firm will go from making an economic profit to a normal profit.
Refer to the figure. The optimal level of immigration in this country:
A. is Q 1 .
B. is Q 2 .
C. is Q 3 .
D. cannot be determined with the information given.