Trading in a barter economy requires
a. money.
b. a double coincidence of wants.
c. equal sharing of assets.
d. all people to be farmers.
b. a double coincidence of wants.
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Looking at the components of the income approach we see that
A) compensation of employees is the largest category. B) consumption is the largest category. C) profits are the largest category. D) rental income is the largest category.
The New Deal in U.S. history is that period during the Great Depression in which American "capitalism" is redefined and the role of the federal government in the economy fundamentally changes forever
Indicate whether the statement is true or false
The gap between average total cost and average variable cost:
a. is constant at all ranges of output. b. is high at high levels of production. c. declines as output expands. d. depends on the production technology.
Which of the following is not a correct statement about the growth of real GDP in the U.S. economy?
a. Real GDP in 2009 was almost four times its 1965 level. b. Growth was steady between 1965 and 2009. c. Continued growth in real GDP enables the typical American to enjoy greater economic prosperity than his or her parents and grandparents did. d. The output of goods and services produced grew on average about 3 percent per year between 1965 and 2009.