A barter economy is an economy where
A) goods and services are exchanged for money.
B) goods and services are exchanged for liabilities.
C) money is exchanged for goods and services.
D) goods and services are exchanged for other goods and services.
D
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Charlie is willing to pay $10 for a T-shirt that is priced at $9. If Charlie buys the T-shirt, then his consumer surplus is
A. $19. B. $0.90. C. $1. D. $90.
When a nation exports a good, its ________ surplus increases and its ________ surplus increases
A) consumer; total B) consumer; consumer C) producer; producer D) producer; total E) total; consumer
The above figure shows the U.S. market for replacement cell phone batteries. With free trade, U.S. production is equal to ________ batteries per year. When a $2 tariff is in place, U.S. production is equal to ________ batteries per year
A) 100,000; 300,000 B) 100,000; 500,000 C) 300,000; 100,000 D) 300,000; 500,000 E) 900,000; 700,000
Crtically evaluat the following statement. "It is possible to calculate comparative advantage even when prices are not known."
What will be an ideal response?