Which of the following is/are example(s) of "mediums of exchange"?
A. money used to buy goods
B. goods used to obtain other goods
C. pigs used to obtain chickens
D. All of these
Answer: D
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In the case of public goods, the ability to free ride on the efforts of others is an example of
A) low transactions costs. B) insecure property rights. C) government subsidization. D) mutual assurance.
Suppose the government is auctioning the right for a company to mine for gold in a government-owned region of the country. Further suppose that the government has information regarding the amount of gold that is likely to be found in the region, but the companies bidding for the rights do not have this information. This is an example of ________.
A) screening B) the principal-agent problem C) the lemons problem D) asymmetric information
Foreign aid often becomes a source of discretionary funds that benefit poor people in developing countries and not the countries' leaders
a. True b. False
When positive externalities exist in a market, if a Pigouvian subsidy is imposed:
A. those who interact in the market will lose surplus. B. those who interact in the market will gain surplus. C. those who do not interact in the market, but are affected by the externality, will gain surplus. D. None of these statements is necessarily true.