The exchange of goods and services directly without money is called:
a. creative destruction.
b. barter.
c. arbitration.
d. currency trade.
e. illegal trade.
b
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Compared to a monopolistic competitor, a monopolist faces
A) a more elastic demand curve. B) a more inelastic demand curve. C) a demand curve that has a price elasticity coefficient of zero. D) a more elastic demand curve at higher prices and a more inelastic demand curve at lower prices.
A demand curve that shows the relationship between the price of a good and the amount of the good consumed holding the consumer's income fixed and allowing their well-being to vary is called:
A. an uncompensated demand curve. B. a compensated demand curve. C. a Hicksian demand curve. D. a derived demand curve.
Figure 3-23
Refer to . It is apparent from the figure that
a.
the good is inferior.
b.
the demand for the good decreases as income increases.
c.
the demand for the good conforms to the law of demand.
d.
All of the above are correct.
Economic production has fallen to less than full potential due to inadequate incentives for firms to produce. The duration of this economic condition will likely be:
a. indefinite b. unknown c. long-term d. short-term