Types of money used by colonists included all of the following except:
a. gold and silver coins.
b. bills of exchange.
c. bills of credit.
d. government-issued fiat currency.
d. government-issued fiat currency.
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In order to achieve the maximum gains from trade, people should specialize according to
A) property rights. B) PPF. C) absolute advantage. D) comparative advantage.
Recall the Application about the response of bike messengers in Zurich to a change in wages to answer the following question(s).Recall the Application. A study of bike messengers in Zurich showed that as the messengers' revenue share increased from 40% to 50%, their:
A. efforts decreased but their incomes still increased. B. efforts increased but their incomes still decreased. C. efforts decreased causing their incomes to decrease. D. efforts increased causing their incomes to increase.