Borrowing is like:
A. buying the right to use your money for a time.
B. buying the right to use someone else's money.
C. selling the right to use your money for a time.
D. selling the right to use someone else's money.
Answer: B
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In a world with no money, costs are expressed in terms of other goods. If one video game costs two hamburgers, and a hamburger costs three sodas, how many sodas would it take to buy a video game?
A) 6 B) 5 C) 3 D) 3/2
Which of the following is true?
A) If a majority of voters favor a proposal, it will achieve positive results. B) If there is an economic problem, the government will be able to solve it. C) A good outcome is guaranteed when a government program is created with good intentions. D) Even if government programs are implemented with good intentions, they may lead to undesirable outcomes.
Which of the following DOES NOT contribute to the market power of a firm?
A) number of available substitutes B) the color of the product C) legal protections D) the number of firms in the market
Which of the following is associated with the creation of human capital?
a. a farmer buys more land b. a robot replaces a worker c. a worker replaces a robot d. a worker spends less time on the job e. a worker attends training classes