Suppose you and your roommate have the following agreement when it comes to cleaning your apartment: each person washes her or his own dishes after each meal. The principle of trade you just learned tells you that it would be more efficient if:
a) both of you wash your own dishes after each meal.
b) neither of you wash the dishes after eating.
c) each of you wash half of all the dirty dishes.
d) one of you wash all the dishes while the other does a different chore.
d) one of you wash all the dishes while the other does a different chore.
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The population of Potentia doubled within 20 years while its income per capita remained unchanged during the same period of time. This implies that ________
A) its price level doubled B) its gross domestic product also doubled C) its price level halved D) its gross domestic product remained constant
The average total cost of producing electronic calculators in a factory is $20 at the current output level of 100 units per week. If fixed cost is $1,000 per week:
A. total cost is $3,000. B. average variable cost is $10. C. average fixed cost is $20. D. variable cost is $2,000.
Which of the following is not a way in which monopolies fight real-world competition?
A. Advertising B. Charging a very high price for their products C. Lobbying D. Producing products that are difficult to copy
What are the five functions performed by financial intermediaries?
What will be an ideal response?