Jim Has an Old (Working) Television That He Would Like

question 116

Multiple Choice

Jim has an old (working) television that he would like to get ridof now that he has purchased a new high-definition, flat-screentelevision. The old television is no longer worth anything to himnow that he has his new flat-screen TV. Veronica on the otherhand has an even older television that has just broken down.She would pay up to $50 for any working TV. Which of thefollowing statements is NOT true?

• A)If Jim trades Veronica his old television for $50, total value in society increases by $50.
• B)If Jim trades Veronica his old television for $50, both are better off but total value in society does not increase.(True
• Answer )Correct
• C)If a middleman facilitates the $50 trade between Jim and Veronica, but takes a $10 finders' fee, Jim and Veronica will
• Still both be better off.
• D)If Jim and Veronica do not trade, both are worse off than if they did trade.

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Definitions:

Visual Cortex

The area in the brain responsible for interpreting visual data, found in the occipital lobe.

Auditory Cortex

is the part of the brain responsible for processing auditory information, allowing us to recognize and interpret sounds.

Somatosensory Cortex

A part of the cerebral cortex that processes sensory input from the body, including touch, temperature, and pain.

Asperger Syndrome

A developmental disorder characterized by significant difficulties in social interaction and nonverbal communication, along with restricted and repetitive patterns of behavior and interests.