What is an example of a barter system?
What will be an ideal response?
Answer: Instead of paying rent, you clean the house for the owner.
Economics
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The referendum version of the median voter model concludes that _____
a. by decreasing output slowly, the median voter will adjust her preferences to those of the ballot organizer b. by increasing output slowly, the median voter will adjust her preferences to those of the ballot organizer c. the outcome preferred by the median voter will be chosen by unanimity d. the outcome preferred by the median voter will be chosen by majority rule
Economics
If the price of a good rises by 10% and the total amount consumers spend on the good remains the same, then the good is
A. perfectly inelastic. B. unit elastic. C. inelastic. D. elastic.
Economics