In economics, the term that refers to the time, effort, and other resources needed to search out, negotiate, and consummate an exchange is
a. transaction costs.
b. specialization costs.
c. pecuniary costs.
d. comparative costs.
A
You might also like to view...
Refer to Figure 9-4. Under autarky, the equilibrium price is
A) $54. B) $30. C) $0. D) $24.
Compared to a sales tax, a value-added tax is _____
a. easier to calculate b. harder to collect c. easier to apply to investment goods d. easier to monitor
Critics of macroeconomic stabilization policies argue that
a. economists are unable to influence policy. b. stabilization policies often do more harm than good. c. stabilization theory has no practical effect. d. policy makers need practical advice, not theory.
John Maynard Keynes advocated policies that would increase aggregate demand as a way to decrease unemployment caused by recessions
a. True b. False Indicate whether the statement is true or false