Brady, a farmer, exchanges three bushels of apples for two pairs of shoes made by Jeff, a cobbler. We can say that Brady and Jeff are parts of a:
a. barter economy
b. capitalistic economy.
c. socialistic economy.
d. mixed economy.
a
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Which of the following will happen if the GDP of a country increases and the population remains constant?
A) Income per capita will remain constant. B) Income per capita will increase. C) Unemployment rate will increase. D) Gross national product will decrease.
Explain the elasticities and absorption approaches to the BOT. What is the most notable shortcoming of these approaches?
What will be an ideal response?
During the twentieth century, the real income of the average American grew by a factor of more than seven.
Answer the following statement true (T) or false (F)
What is the gold standard?
(A) A system that uses actual gold coins as a country's money. (B) A system in which a country's money is backed with gold. (C) A money system in which the paper currency is good in more than one country. (D) A currency system in which each dollar is worth 1/20 of an ounce of gold.