Which of the following statements is true of a barter system?
a. In a barter system, it is difficult to keep track of the relative values of goods and services.
b. In a barter system, an individual offers money to import goods and services
c. In a barter system, an individual offers currency notes to get coins.
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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A sound legal system that protects individuals and their property,
a. cannot be expected until markets are already working well. b. is vital to the smooth operation of markets. c. is normally found in most economies of the world. d. is helpful for the rich, but harmful to the economic well-being of others.
Why do firms engage in the activity of production?
A. to develop a supply schedule B. to participate in the circular flow C. to acquire profits D. to help society advance technologically
Which of the following is true of the typical relationship between marginal product (MP) and average product (AP)?
A) If MP is greater than AP, then AP is falling. B) The AP curve intersects the MP curve at minimum MP. C) The MP curve intersects the AP curve at maximum AP. D) If MP is less than AP, then AP is increasing.
Suppose a perfectly competitive industry is in long-run equilibrium. If a decrease in demand leads to a lower long-run price, we know that
A) this is a decreasing-cost industry. B) this is an increasing-cost industry. C) some firms will be losing money in the long run. D) after further adjustments, price will rise to its original level.