The most common form of trading goods for goods is
A. bilateral trade.
B. government commodity distribution.
C. status-based trades.
D. barter.
E. payments in kind.
Answer: D
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In the above figure, at which point on the demand curve is the price elasticity of demand equal to 1?
A) a B) b C) c D) It is impossible to say at which point the elasticity equals one.
Use the following table to answer the next question. All figures in the table are in billions. RGDPC + IExportsImports$500$525$15$1055056015106005951510650630151070066515107507001510The equilibrium level of real GDP in this private open economy is
A. $700 billion. B. $600 billion. C. $650 billion. D. $550 billion.
Virtually all Federal Reserve open-market purchases and sales are conducted with government securities, mostly
A) Treasury bills. B) Treasury notes. C) Treasury bonds. D) savings bonds.
A firm will enter a competitive market when
A) it can gather market share at the expense of incumbent firms. B) it would not be the last firm entering. C) it can earn a positive long-run profit. D) the long-run supply curve is upward sloping.