Which of the following is the main problem with the barter system of exchange?
A. It encourages self-interest
B. It fosters the division of labor
C. It requires a coincidence of wants
D. It undermines the right to bequeath
Answer: C
You might also like to view...
Methods of rent seeking include which of the following? I. Buying a monopoly II. Creating a monopoly III. Price discrimination
A) I and II B) I and III C) II and III D) III only
Refer to Table 3-2. The table above shows the demand schedules for caviar of two individuals (Ari and Sonia) and the rest of the market. If the price of caviar falls from $45 to $35, the market quantity demanded would
A) increase by 50 oz. B) decrease by 50 oz. C) decrease by 70 oz. D) increase by 70 oz.
Consider a market consisting of two firms where the inverse demand curve is given by P = 500 ? 2Q1 ? 2Q2. Each firm has a marginal cost of $50. Based on this information, we can conclude that aggregate quantity in the different equilibrium oligopoly models will follow which of the following orderings?
A. QBertrand < QCollusion < QCournot < QStackelberg B. QBertrand < QStackelberg < QCournot < QCollusion C. QCollusion < QCournot < QStackelberg < QBertrand D. QCollusion < QStackelberg < QCournot < QBertrand
Bonds are issued with either a face value or a maturity date, but not both.
Answer the following statement true (T) or false (F)