In the economic way of thinking, money is
A) the root of all evil.
B) what makes the world go round.
C) a general medium of exchange.
D) an institution, which tends to increase transaction costs.
E) the source of scarcity in commercial society.
C
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The table above has information about the CPI, nominal wage rate, and nominal interest rate for the country of Syldavia for the years 2010 to 2012. The reference base year is 2010. The real wage rate in Syldavia during 2011 was
A) $14.00. B) $15.00. C) $15.79. D) $14.22. E) $14.25.
In order to survive, cartels must be able to enforce contracts. However, when a cartel is trading in an illegal commodity:
a. it can use the judicial system to enforce contracts. b. it relies on altruism of members to enforce contracts. c. it is inherently stable because the market is underground. d. violence becomes a means of contract enforcement. e. authorities are effective in preventing the trade.