Barter requires the
A) exchange of goods and services directly for other goods and services.
B) use of fiat money as a medium of exchange.
C) use of commodity money as a medium of payment.
D) the triple non-coincidence of wants.
E) use of money as a unit of account.
A
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We ADD to the GDP when goods produced abroad are sold in the United States
Indicate whether the statement is true or false
Refer to Figure 2-3. Sergio Vignetto raises cattle and llamas on his land. His land is equally suitable for raising either animal. Which of the graphs in Figure 2-3 represent his production possibilities frontier?
A) Graph A B) Graph B C) Graph C D) either Graph A or Graph C E) either Graph B or Graph C
When an insurance company makes a direct loan to a firm, the loan is known as
A) a private placement. B) a commercial paper. C) an account receivable. D) an account payable.
A fundamental aspect of public goods is that they
A) are just like private goods EXCEPT that everybody wants to consume the same amount. B) have positive externalities. C) are characterized by the principle of rival consumption. D) can be consumed jointly by many people simultaneously.