Macroeconomics (MindTap Course List)
10th Edition
ISBN: 9781285859477
Author: William Boyes, Michael Melvin
Publisher: Cengage Learning
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Question
Chapter 3, Problem 6E
To determine
The reasons for which barter system is less common as compared to the use of currency.
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What does the high transaction costs associated with a barter system refer to?
What is a barter system? List major difficulties of the barter system.
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Chapter 3 Solutions
Macroeconomics (MindTap Course List)
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Similar questions
- 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 ?arrow_forward? Identify a “central market” in city and explain how it facilitate exchange?arrow_forwardWhich of the following is an example of barter? Multiple Choice O O Ahmed donates to a charity knowing that he will receive tax benefits from doing so. Kwame leaves a large tip for his walter. Nora purchases lunch with cash. Hena takes out her neighbor's trash, and the neighbor gives Hena some chocolate as repayment.arrow_forward
- How can oppotunity cost affect behavior?arrow_forwardIf bribery is common in a particular country, what effect will it have on the nation’s economy and culture ?arrow_forwardMike 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.arrow_forward
- Identify and briefly describe three types of exchanges based on who operates the exchange.arrow_forwardWhich of the following is NOT an example of currency : A) Shells B) Animals C) Metals D) Stones E) Hair Answer ASAP and justify. Will give a positive rating.arrow_forwardexplain how the currency of invoicing can be used as an offensive and/or defensive strategy?arrow_forward
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