Barter is a system of exchange that does not depend on a coincidence of wants
a. True
b. False
Indicate whether the statement is true or false
False
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A dominant strategy ________
A) always results in equal payoffs to all the players in a game B) always results in zero payoff to the opponent C) results in a higher payoff irrespective of the strategy chosen by the other player D) always results in a lower payoff irrespective of the strategy chosen by the other player
Provide two examples of a monetary incentive and two examples of non-monetary incentive, a carrot and a stick of each, that government policies use to influence behavior
What will be an ideal response?
Refer to Figure 22-2. Assuming no technological change, if the United States increases capital per hour worked by $40,000 every year between 2012 and 2016, we would expect to see
A) real GDP per hour worked will be lower in 2016 than it was in 2012. B) the per-worker production function will get flatter over time. C) real GDP per hour worked will increase by the same increment each year between 2012 and 2016. D) the per-worker production function will shift up every year there is increase in capital per hour worked.
Marginal utility diminishes more quickly:
a. the less durable the good is. b. the greater the number of consumers consuming the good. c. the shorter the time period between two successive consumptions. d. the greater the number of firms producing the good. e. the cheaper the good is.