In a –-based economy, transactions require that each party have something the other desires. – increases market – by serving as a common commodity everyone wants. Now a transaction requires only that the – have something the – desires and that the buyer have enough money to pay the seller’s asking price.
Fill in the blank(s) with the appropriate word(s)
Answer(s):
- barter
- money
- efficiency
- seller
- buyer
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A) money. B) income. C) wealth. D) liabilities.
An unexpected decrease in the demand for accountants will lead to
a. an increase in the earnings of accountants. b. an increase in the incentive of students to prepare for a career in accounting. c. a reduction in the future supply of accountants. d. an increase in the employment opportunities of accountants.
A budget deficit exists when
A. government spending exceeds government tax revenues. B. government spending equals government tax revenues. C. the public debt decreases. D. tax revenues exceed government spending.
In general, economists are critical of monopoly where there is (are):
A. no natural monopoly. B. persistent economies of scale. C. only a few firms. D. a natural monopoly.