In order for barter trades to occur, there must be a
a. singularity of interests.
b. bargaining intermediary.
c. double coincidence of wants.
d. sufficient supply of cash.
c
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Which of the following is an example of a product that is made available through public provision?
i. local police protection ii. public schools iii. local fire department A) i only B) i and ii C) iii only D) i and iii E) i, ii, and iii
Based on the notation presented in Chapter 2, which of the following expressions represents nominal GDP?
A) Yt B) PtYt C) Yt/Pt D) $Yt/Pt
Suppose aggregate demand in the economy sharply declines. Mainstream economists say that the price level (at least for a time) will _______ and real output will _________
A. decrease; remain constant B. increase; remain constant C. remain constant; decrease D. remain constant; increase
Individual accountability within the government bureaucracy:
A) is not a problem because government bureaucrats are not affected by the self-interest that affects private sector individuals. B) is easy to monitor because of the small size and scope of government. C)tends to be lacking because of civil service protections and the complexity of government. D) tends to be greater than in private firms, making government more efficient than private firms