A monetary system is preferable over the barter system because of the problems associated with
A. the law of increasing relative costs.
B. the double coincidence of wants.
C. the law of diminishing marginal utility.
D. cash leakages.
Answer: B
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In the estimation of demand, the "identification problem" refers to
A) the problem of selecting the proper level of significance. B) the problem of deciding whether to use time series or cross-sectional data. C) the problem of separating out the effects of price on the quantity demanded when supply cannot be held constant. D) the problem of having insufficient variation in prices.
Using the above table, what is the opportunity cost of moving from alternative C to alternative D?
A) 60 loaves of bread B) 2 loaves of bread C) 30 loaves of bread D) 1/2 loaf of bread
The United States does not impose tariffs or quotas; however, many of its trading partners do have these trade restrictions
a. True b. False