Are credit cards money? Explain.
What will be an ideal response?
Credit cards represent the ability to get an instant loan that can be exchanged for goods or services. At some point, however, that loan must be paid with money (checks or currency). So credit card transactions are short-term loans that must be repaid with money.
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Jess owns a sandwich sho
A) 1.33. B) 0.75. C) 3.00. D) 4.00. E) 1.50.
The free-rider problem is the absence of an incentive for
A) firms to produce public goods. B) people to use common resources. C) people to pay for what they consume. D) people to vote.
Compared to a competitive market, a firm that has a monopsony in a labor market would
A) hire fewer workers and pay higher wages. B) hire more workers and pay higher wages. C) hire more workers and pay lower wages. D) hire fewer workers and pay lower wages.
The economic development of a country is dependent on all of the following except
What will be an ideal response?