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Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383

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BuyFindarrow_forward

Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383
Textbook Problem

Some people have argued that, in a moneyless (or barter) economy, interest would not exist. Would it? Explain your answer.

To determine

Identify the role of interest rate in a moneyless economy (barter system).

Explanation

The interest rate is the price of loanable funds that the consumers are ready and able to pay for the early availability of goods and services. In the 20th century, people paid the interest rate in the form of money...

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