In general, it is reasonable to assume that the average person's standard of living is ____________ in a ____________ economy than in a ____________ economy.
A. higher; money; barter
B. lower; barter; money
C. higher; barter; money
D. lower; money; barter a and b
Ans: A. higher; money; barter
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Goods in the CPI inflation are weighted by
a. the price of each good. b. the share of each good in GDP. c. the share of each good in the budget of an average household. d. the share of each good in total consumption.
When the absolute price elasticity of demand equals 1, demand is
A) elastic. B) unit-elastic. C) inelastic. D) undetermined without more information.
Are credit cards "money"?
A) No, because they are not used as a general medium of exchange. B) No, because they are used to make money. C) Yes, because they are used as a general medium of exchange. D) Yes, because they are used to make money.
What does the elasticity of supply measure? How is it calculated?
What will be an ideal response?