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- What is a barter system? List major difficulties of the barter system.What is Barter Trade System? What is Mercantilism?Mike makes excellent cheesecake and Sue is very good at changing the oil in a car. Sue agrees to change the oil in Mike's car, if he makes her a cheesecake. This is an example of Group of answer choices barter. fiat money. commodity money. legal tender.
- Recognize the situation when both the parties in a barter economy have to agree to sell and buy each other's commodities ? What is it called ?Need answer ASAP... Purchasing power measures the value of a currency in terms of ____. a. the quality of products that one unit of money can buy b. All of the above. c. the quantity of products that one unit of money will procure d. the quantity and quality of products that one unit of money will purchaseExploration and the discovery of new places led Europeans to colonize these areas. How is this related tothe economic ideas of supply and demand?Europeans took control of the areas that had the raw materials they needed.The population of the colonized areas increased as a result of European contact.A barter system developed between Europeans and the new areas.The Europeans supplied the agricultural products the new areas needed.
- What does the high transaction costs associated with a barter system refer to?In modern capitalist societies, use value of house is subordinate to exchange value of house. What does it mean? Explain.The high transaction costs associated with a barter system refers to: Answer a. The fact that, often times, these exchanges are taxed by governments b. The risk associated with having to carry an inventory of goods to trade c. The high cost associated with finding someone with whom to exchange d. The cost of drawing up complete contracts
- Edmond Locard created the Theory of Exchange which states: Group of answer choices An aspect of the natural world can be repeatedly tested and verified in accordance with a scientific method. When two or more objects come into contact with one another, a cross transfer of information/materials occurs. The rate at which one currency will be exchanged for another. The act of giving or taking one thing in return for another.Looking to get the answer to the question, I know it's B. But I need an explanation, all the other ones on chegg are wrong. Country A is more rich but I dont understand why. Give proper explanation. I ll rate.Consider the following example of bartering: 1 10-ounce T-bone steak can be traded for 5 soft drinks. 1 soft drink can be traded for 10 apples. 100 apples can be traded for a T-shirt. 5 T-shirts can be exchanged for 1 textbook. It takes 4 textbooks to get 1 VCR. How many 10-ounce T-bone steaks could you exchange for 1 textbook? How many soft drinks? How many apples? State the price of T-shirts in terms of apples, textbooks, and soft drinks. Why do you think we use money as a unit of account?