The use of money for exchange:
A. encourages more specialization in production.
B. increases the importance of a coincidence of wants.
C. increases the use of barter.
D. reduces consumer sovereignty.
Answer: A
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The government purchases multiplier equals the change in ________ divided by the change in ________
A) consumption spending; government purchases B) government purchases; consumption spending C) government purchases; equilibrium real GDP D) equilibrium real GDP; government purchases
Suppose the government imposes a tax of 10 percent on the first $40,000 of income and 20 percent on all income above $40,000 . What is the average tax rate when income is $50,000?
a. 20 percent b. 15 percent c. 12 percent d. 10 percent
In capitalism,
a. there is no competition b. most property is privately owned c. the government sets most prices d. there is no freedom
(Last Word) Leverage in the financial system:
A. magnifies profits but reduces losses. B. magnifies both profits and losses. C. reduces profits but magnifies losses. D. reduces both profits and losses.