In order for a barter transaction to be successful, there must be a
A) federal tax law in effect. B) high demand for a certain item.
C) market for the goods. D) double coincidence of wants.
D
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Annual incomes of James, Jack, and Stanley are $30,000, $50,000, and $80,000 and their tax rates are 10 percent, 20 percent, and 30 percent respectively. Which tax structure is this an example of?
A. Proportional tax B. Progressive tax C. Regressive tax D. Digressive tax
If you spend a large portion of your income on a good,
A) supply of that good would be price elastic. B) demand for that good is more elastic than if you spent a smaller portion of your income on the good. C) supply of that good is price inelastic. D) demand for that good is less elastic than if you spent a smaller portion of your income on the good. E) the good must be able to be produced at a constant (or gently rising) opportunity cost.
In an economy, 23 million people are employed and 2 million are unemployed, but 5 million part-time workers would prefer full-time work. What is the unemployment rate?
A) 23.2 percent B) 6.7 percent C) 8 percent D) 25 percent
What did the Proclamation of 1763 and the Quebec Act of 1774 represent?
(a) A continuation of earlier British land policies, but these were no longer workable or acceptable to the colonists (b) A temporary change in British land policies, but the change was not workable or acceptable to the colonists (c) A permanent change of earlier British land policies that was not acceptable to the colonists, who wanted a continuation of the old policies (d) The Proclamation was more of a temporary change, but the Quebec Act represented a permanent change of earlier policy, neither of which was acceptable to the colonists