In 11th century Europe, the central economic decisions were made by:
A. the church.
B. tradition and the lord of the manor.
C. central governments.
D. the nation-state.
Answer: B
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Which of the following is likely to be an unreported economic activity?
A) the brokerage fees paid to a broker at Merrill Lynch B) the purchase of shares of stock in Walgreen's Pharmacy C) a $250,000 bonus paid to the CEO of a company D) tips paid to a taxi driver E) the minimum wage paid to a teenager working at a McDonald's
At Revolution Doughnuts in Fort Collins, Colorado, a cup of coffee or a doughnut is $1. Suppose Hannah loves going to Revolution Doughnuts
Currently, her marginal utility per dollar from doughnuts is 14 and her marginal utility per dollar from coffee is 10. Is Hannah maximizing her total utility? A) No, she needs to buy more doughnuts and less coffee. B) No, she needs to buy more coffee and fewer doughnuts. C) Yes, she is maximizing utility. D) No, she needs to buy fewer doughnuts and less coffee.
Under adaptive expectations, the expected current value of a variable does not depend on a recently observed value of the variable.
Answer the following statement true (T) or false (F)
The farmer pays $0.2 for the seed that is sold to the miller for $0.45; the miller makes flour and sells it to the baker for $0.55. The baker makes bread and sells it to the grocery store for $1.00 and the store sells it to consumers for $1.25. Gross Domestic Product (GDP) is
A. $2.20. B. $1.25. C. $2.00. D. $1.00.