Which of the following best satisfies the five prerequisites of money?
a. river-rounded stones
b. bananas
c. hardwood trees
d. bricks
e. silver
E
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If quantity of milk is measured on the horizontal axis and quantity of juice is measured on the vertical axis, a decrease in the price of milk will cause the budget constraint to:
A) pivot rightward along the vertical axis. B) pivot rightward along the horizontal axis. C) shift to the left. D) shift to the right.
Probability
A) is a number between 0 and 1, inclusive. B) indicates how likely an outcome is to occur. C) is larger the more likely the event is to occur. D) All of the above.
The main source of government funding is
A) user fees. B) taxes. C) borrowing. D) transfer payments.
Ronald Coase's analysis of externalities emphasizes the importance of:
a. command-and-control regulations. b. effluent taxes. c. property rights. d. international sovereignty.