Money does not solve the double coincidence of wants problem unless it is generally acceptable
a. True
b. False
Indicate whether the statement is true or false
True
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The division of labor can benefit society only if
A. a system of exchange exists. B. society uses all of its resources efficiently. C. society has no specialized resources. D. labor resources are not scarce.
"As output of one good expands, the opportunity cost of producing additional units of this good increases," is the law of _____________.
Fill in the blank(s) with the appropriate word(s).
For a cartel to be successful in increasing economic profits for its members:
A. individual firms must be encouraged to adjust output so as to maximize their own profits at the cartel price. B. entry of new firms must be blocked. C. price must be set equal to marginal cost. D. price must be set equal to average total cost.
The highest personal income tax bracket in 1992 was _____ percent.
Fill in the blank(s) with the appropriate word(s).