If money was not used as a medium of exchange,
A) the transaction costs of exchange would be lower.
B) our standard of living would probably improve.
C) economic efficiency would increase.
D) the gains from trade would be severely limited.
D) the gains from trade would be severely limited.
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Which of the following helps explain why the law of supply exists?
A) Larger outputs result in lower costs of production. B) The law of increasing opportunity cost C) The costs of production remain constant throughout all levels of output. D) Sellers realize that if the price increases, they make larger profits and do not need to change their production. E) The law of demand
John Steinbeck's Cannery Row describes a character who takes his own life because of poor job prospects. If he was an unemployed person who gave up looking for work, he would be considered:
a. chronically unemployed. b. a discouraged worker. c. a member of the labor force. d. frictionally unemployed.