A barter economy is one in which:
A. money serves as a medium of exchange.
B. only precious metals are accepted as money.
C. goods are traded directly for other goods.
D. paper money is backed by gold.
Answer: C
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If aggregate demand is stable and there is economic growth, the economy will experience
A) secular depreciation. B) secular decline. C) secular deflation. D) secular degeneration.
In a multiplayer game of chicken, natural incentives tend to push the outcome toward the point where payoffs to the two strategies are identical
Indicate whether the statement is true or false
Economic growth is shown on the production possibilities frontier as
A) a movement from one point on the PPF to another. B) an outward shift in the PPF. C) an inward shift in the PPF. D) the curvature of the PPF.
In conducting positive economic analysis, economists apply
A. subjective value judgments. B. the principle of individual sovereignty. C. moral values. D. the scientific method.