Which is necessary to make a trade in a barter economy?
A. Unlimited wants.
B. Money.
C. A coincidence of wants.
D. A medium of exchange.
Answer: C
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Which of the following will cause a movement along the supply curve for oil?
A) new technology to drill oil underwater in the Gulf of Mexico B) a change in the price of oil C) an increase in the number of oil-producing firms D) government subsidies to oil producers in Wyoming
The demand for Chocolate Chip Cookie Dough ice cream is likely quite elastic because
a. ice cream must be eaten quickly. b. this particular flavor of ice cream is viewed as a necessity by many ice-cream lovers. c. the market is broadly defined. d. other flavors of ice cream are good substitutes for this particular flavor.
A World View article titled "Secondhand Smoke Kills 600,000 People a Year: Study" implies the harm caused to nonsmokers is
A. Included in the market price of cigarettes. B. An example of externality costs. C. An example of a public good. D. An example of government failure.
In monopolistic competition there is/are
A) many sellers who each face a downward-sloping demand curve. B) a few sellers who each face a downward-sloping demand curve. C) only one seller who faces a downward-sloping demand curve. D) many sellers who each face a perfectly elastic demand curve.