Identify the statement which is true of a barter system?
a. In a barter system, trade will only occur if there is a double coincidence of wants.
b. In a barter system, an individual offers coins to get a good or service
c. In a barter system, an individual offers a commodity money to get fiat money.
d. In a barter system, different kinds of money are exchanged for one another.
e. In a barter system, individuals are self-sufficient.
a
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If price is equal to average variable cost, a perfectly competitive firm breaks even
Indicate whether the statement is true or false
The Keynesian perspective on the effect of an increase in taxes is that this policy action
A) generates reductions in consumption and in saving. B) generates reductions in consumption and an increase in saving to pay for the new taxes. C) has no impact on consumption. D) increases current consumption and reduces future consumption.
Who is the person or firm who is supposed to act on behalf of the principal as discussed in this chapter?
a. attorney b. sales person c. agent d. teachers
When the government restricts the quantity of a good to zero
A) an underground market develops. B) there is none of the good available anywhere. C) people's demand for the product evaporates. D) producers stop all production.