Barter is the:
A. direct exchange of goods and services.
B. exchange of goods, but not services.
C. system that does not depend on a coincidence of wants.
D. system used in advanced economies.
Answer: A
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In game theory, strategies include ________
A) all possible actions of each player B) only the winning action of each player C) all possible actions and payoffs of each player D) the payoff matrix
Why is there a difference in the pay received by workers belonging to the same labor market?
Brooke and Sandy both attend the same college and have the same expenses for tuition, books, and supplies. However, Brooke is a famous actress who could earn $2 million per year if she were not attending college whereas Sandy could earn $10,000 a year serving hamburgers if he were not attending college. It follows that the opportunity cost of attending college:
A. is greater for Brooke than for Sandy. B. for Brooke and Sandy cannot be compared. C. is greater for Sandy than for Brooke. D. is the same for both Brooke and Sandy.
Other things the same, if the government decreases transfer payments, then
a. both the interest rate and the equilibrium quantity of loanable funds fall. b. both the interest rate and the equilibrium quantity of loanable funds rise. c. the interest rate rises and the equilibrium quantity of loanable funds falls. d. the interest rate falls and the equilibrium quantity of loanable funds rises.