When we say that trade is roundabout we mean that
a. people sometimes trade goods for goods.
b. trades require a double coincidence of wants.
c. currency is accepted primarily to make further trades.
d. people must spend time searching for the products they wish to purchase.
c
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Explain how the gold standard operated
What will be an ideal response?
If total cost at Q = 0 is $100 and total cost at Q = 10 is $500, then average variable cost at Q = 10 is
a. $500 b. $400 c. $50 d. $40 e. $10
If the marginal utility per dollar spent on Good X exceeds that of Good Y, the utility-maximizing consumer should:
a. buy less of Good X and more of Good Y. b. buy less of Good Y and more of Good X. c. buy more of both Good X and Good Y. d. buy less of both Good X and Good Y.
_____________ sector savings only sometimes (and partially) adjust to offset government budget deficits and surpluses.
a. Foreign b. Corporate c. Public d. Private