Barter can best be defined as:
a. the direct exchange of one good for money.
b. the direct exchange of money for a good.
c. the direct exchange of goods and services without the use of money.
d. the direct exchange of labor services for wages.
e. the payment of interest on a savings account.
c
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Refer to the information above. What is the approximate value of the multiple of combined physical and human capital that the rich country must have in order to produce 10 times the output per person of the poor country?
A) 1000 B) 100 C) 25 D) 15
In the long run, monopolistically competitive firms are ________ to perfectly competitive firms because ________
A) similar; both firms produce at the minimum ATC B) similar; both firms make zero economic profit C) not similar; monopolistically competitive firms set P = MC to maximize profits D) not similar; monopolistically competitive firms can make an economic profit and perfectly competitive firms cannot
U.S. net export spending falls when
A) the inflation rate is lower in the United States relative to other countries. B) the growth rate of U.S. GDP is faster than the growth rate of GDP in other countries. C) the value of the U.S. dollar decreases relative to other currencies. D) the price level in the United States falls relative to the price level in other countries.
A deadweight loss arises under perfect competition
a. True b. False Indicate whether the statement is true or false