Which best describes money as a means of payment?
A. To obtain a double coincidence of wants without money is impossible.
B. Money provides an immediate double coincidence of wants.
C. Money requires at least two transactions to obtain the double coincidence of wants.
D. Money makes sure a double coincidence of wants never occurs.
Answer: B
You might also like to view...
Which of the following is true?
i. The supply of a good is inelastic if when its price changes, the percentage change in the quantity supplied exceeds the percentage change in price. ii. Price elasticity of supply equals the percentage change in the quantity supplied divided by the percentage change in price. iii. If demand is price elastic, a rise in price leads to a decrease in total revenue. A) only i B) only ii C) only iii D) i and ii E) ii and iii
Transaction costs are
A) all unnecessary and wasteful costs. B) any nonmonetary costs associated with a transaction. C) not real costs because they make no positive contribution to economic transactions. D) the costs of arranging agreements between demanders and suppliers. E) the opposite of opportunity costs.
Downward-Slope of yield curve (inverted) so expect ____________ interest rates
Fill in the blank(s) with the appropriate word(s).
In a command economy, how many people decide what will be produced?
a. a small handful of government officials b. one overall leader c. millions of consumers and producers d. a few thousand corporate managers