.Which of the following would be true if money were not used as a medium of exchange?
What will be an ideal response?
The gains from trade would be severely limited
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Interest is a payment for deferred
a. taxation b. saving c. consumption d. investment e. none of the above
Which of the following is true of the gross domestic product (GDP) of a nation? a. It can be measured by the stock of consumer goods in a nation at a particular point in time
b. It can be measured by the stock of capital goods in a nation at a particular point in time. c. It can be measured either by calculating the total spending on production or the total income from that production. d. It is the sum of total spending on production and total income from that production. e. It can be measured from the stock of wealth in the nation.
In Figure 33.4, what is the burden of the tax on workers?
A. The wage reduction from W3 to W2. B. The wage reduction from W3 to W1. C. The wage reduction from W5 to W2. D. The wage reduction from W5 to W3.
Assume that the marginal utility from good A is 10 units and that the price of good A is $5 per unit. The marginal utility from good B is 15 units and its unit price is $7. In this situation, a utility-maximizing consumer should
A. consume more of good A. B. consume only good B. C. consume neither good A nor good B. D. consume more of good B.