Extensive and productive exchanges among people who barely know one another
What will be an ideal response?
require that the price or terms of exchange be relatively clear, simple, and standardized.
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A sunk cost is one that
a. does not vary with the level of output. b. increases as the firm's production increases. c. measures the value of the firm's self-owned resources. d. can no longer be avoided.
If Libby can produce 20 gallons of beer or 5 gallons of wine per hour, her opportunity cost of one gallon of beer is 4 gallons of wine
Indicate whether the statement is true or false
For the purchasing power of money to increase, the price level has to fall
Indicate whether the statement is true or false
Economists generally feel that a lack of natural resources ______ economic growth.
a. has little effect on b. is an obstacle to c. will prevent sustained d. aids a nation’s