The primary benefit of a monetary system of exchange compared to a barter system is the increased
A. ability to record transactions.
B. time necessary to find trading partners.
C. time devoted to shopping.
D. efficiency in arranging transactions.
Answer: D
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If you are willing to purchase a house for $500,000 and you purchase the house for $500,000 . this transaction will generate: a. There is no surplus created for either of the party
b. $0 worth of seller surplus and unknown amount of buyer surplus. c. $0 worth of buyer surplus and unknown amount of seller surplus. d. No information provided.
Wendell just read an article that says scientists have proven that processed cheese food increases brain power. We would expect Wendell's demand for processed cheese food to:
A. increase and shift to the right. B. increase and shift to the left. C. decrease and shift to the right. D. decrease and shift to the left.
The transaction demand for money is most clearly related to its use as a
A. medium of exchange. B. standard of value. C. measure of value. D. store of value. E. standard of deferred payment.
Which of the following would be a legitimate government activity in the U.S. economy?
A. The regulation of water pollution. B. The enactment of antitrust laws to protect consumers. C. Enforcing child labor laws. D. All of the choices are correct.