What is a barter system? What are the drawbacks of this system?
Barter is a type of trade in which goods or services are directly exchanged for other goods or services, without the use of money.
(a) Difficulty of double coincidence of wants
(b) Lack of common unit of value
(c) Lack of a system for future payments
(d) Lack of system for storage of value
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The table above gives the purchases of a typical consumer in a country comprised of one large city. These consumers purchase only restaurant meals and parking. The year 2010 is the reference base period
a. Find the total cost of the CPI market basket for 2010 and 2011. b. What is the CPI in 2010 and in 2011? c. What is the inflation rate between 2010 and 2011?
According to the graph shown, the amount of deadweight loss created by the imposition of a tariff is area:
This graph demonstrates the domestic demand and supply for a good, as well as a tariff and the world price for that good.
A. IL
B. JK
C. IJKL
D. FGJK
Labor (# of employees)Total Output0011025031104160520062307255827592901030011305Assume the table shown is for a hat factory, and shows the total production of hats given various numbers of employees. What is the marginal product of the fifth worker?
A. 40 B. 30 C. 50 D. 200
The Group of Seven is an informal international institution that is comprised primarily of the:
A. major developing countries. B. leading industrial democracies. C. leading petroleum exporting countries. D. leading socialist countries.