Money exchanges are more efficient than barter because:
a. money exchanges do not require a double coincidence of wants.
b. the government guarantees the value of money.
c. money usually has an intrinsic value.
d. money is backed by a physical commodity.
e. opportunity costs are higher with barter trades.
a
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The United States has the largest percentage of foreigners in its overall population of any nation
Indicate whether the statement is true or false
According to the classical model, in the labor market
a. perfect information about the market price by market participants is required. b. the labor market is always in equilibrium. c. prices and wages are perfectly flexible. d. both suppliers and purchasers of labor must know the relevant trading prices. e. All of the above.
In the long run, a perfectly competitive industry tends to develop differentiated products
a. True b. False Indicate whether the statement is true or false
One decision that all firms must make is how much output to supply.
Answer the following statement true (T) or false (F)