The major shortcoming of a barter economy is
A) the requirement of a double coincidence of wants.
B) the requirement of specialization and exchange.
C) that goods and services are not traded.
D) that money loses value from inflation.
Answer: A
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The change in a firm's total revenue that results from hiring an additional worker is measured by the
A. average revenue product. B. marginal product. C. marginal revenue. D. marginal revenue product.
What do supply and demand curves have in common?
a. They both usually slope upward. b. They both show a relationship between quantity and price. c. They both usually slope downward. d. They can both shift in response to changes in income or wealth. e. Neither of them is influenced by the size of the population.
Among the most important indicators used by the NBER Business Cycle Dating Committee to determine the beginning of the 2007-2009 recession were all of the following except:
A. the consumer price index. B. nonfarm employment. C. total sales in manufacturing, wholesale trade, and retail trade. D. industrial production.
The consumption of fixed capital in each year's production is called:
A. Indirect business taxes B. Inventory reduction C. Depreciation D. Net investment