Positive economics seeks to understand behavior, but not make judgments.
Answer the following statement true (T) or false (F)
True
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Refer to the table above. What is the opportunity cost of commute per month to work if Ryan rents Apartment 2?
A) $20 B) $150 C) $200 D) $300
Price elasticity of demand is a numerical measure of how much quantity demanded rises as price falls or quantity demanded falls as price rises.
Answer the following statement true (T) or false (F)
A major source of inefficiency in barter economies is that they require
A) a standard of deferred payment to make trade possible. B) more liquid stores of value than do monetary economies. C) a double coincidence of wants in exchange. D) All of the above are correct.
The Bretton Woods agreements in 1944
A. established the International Monetary Fund. B. sanctioned world trade on the gold-exchange system. C. allowed nations to devalue their currencies under certain conditions. D. All of the above are correct.