The number of units of one good that trade for one unit of alternative goods can be determined most easily when
A) there is one unit of account.
B) the goods all weigh about the same.
C) the goods are all new.
D) the goods are actively traded through barter.
A
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Why is a consumer's satisfaction maximized when the marginal benefit from the last dollar spent on one good is equal to the marginal benefit from the last dollar spent on another good?
What will be an ideal response?
Which of the following best describes the assumption that monetarists make regarding velocity?
a. It is fairly predictable in the short run and certainly in the long run. b. It is not possible to predict velocity in the short or long run. c. It is variable in the long run but predictable in the short run. d. It is constant in the long run but variable in the short run.
Which of the following is the best definition of economics?
What will be an ideal response?
The U-shaped average total cost curve is _____
A. a result of constant marginal returns. B. a result of increasing marginal returns. C. unrealistic because average total cost always increases as output increases. D. the result of average fixed cost falling and decreasing marginal returns as output increases. E. a result of firms' wanting to find the output level where cost is at its minimum.