A monetary system is preferable over the barter system because it
A. is determined by the Congress.
B. reduces transaction costs.
C. limits cash leakages.
D. is easier to track by the government.
Answer: B
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A very high fixed cost and a relatively low marginal cost is associated with
A) every type of good or product. B) an information product. C) a persuasive good. D) an experience good.
Using the rule of 72, calculate the average annual growth rate of GDP needed for a country to double its size in just four years?
a. 12 percent b. 4 percent c. 18 percent d. 72 percent e. 28 percent
In 1939 the U.S. economy was operating at point ________.
A. A
B. B
C. C
D. D
The "ceteris paribus" clause in the law of demand allows which of the following factors to change?
A. consumer tastes and preferences B. prices of other goods C. expectations D. price of the good demanded