Macroeconomics
13th Edition
ISBN: 9781337617444
Author: Roger A. Arnold
Publisher: Cengage
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Chapter 9.1, Problem 1ST
To determine
Describe Say’s law in terms of barter economy.
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Chapter 9 Solutions
Macroeconomics
Ch. 9.1 - Prob. 1STCh. 9.1 - Prob. 2STCh. 9.1 - Prob. 3STCh. 9.2 - Prob. 1STCh. 9.2 - Prob. 2STCh. 9.2 - Prob. 3STCh. 9.3 - Prob. 1STCh. 9.3 - Prob. 2STCh. 9.3 - Prob. 3STCh. 9 - Prob. 1QP
Ch. 9 - Prob. 2QPCh. 9 - Prob. 3QPCh. 9 - Prob. 4QPCh. 9 - Prob. 5QPCh. 9 - Prob. 6QPCh. 9 - Prob. 7QPCh. 9 - Prob. 8QPCh. 9 - Prob. 9QPCh. 9 - Prob. 10QPCh. 9 - Prob. 11QPCh. 9 - Prob. 12QPCh. 9 - Prob. 13QPCh. 9 - Prob. 14QPCh. 9 - Prob. 15QPCh. 9 - Prob. 16QPCh. 9 - Prob. 17QPCh. 9 - Prob. 18QPCh. 9 - Prob. 1WNGCh. 9 - Prob. 2WNGCh. 9 - Prob. 3WNGCh. 9 - Prob. 4WNGCh. 9 - Prob. 5WNGCh. 9 - Prob. 6WNGCh. 9 - Prob. 7WNG
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- Exchanges take less time in a money economy than in a barter economy because a double coincidence of wants is unnecessary. Explainarrow_forwardBriefly explain the term negotiating barter.arrow_forwardWith a barter system, 1 dog is worth 20 carrots, 40 carrots are worth 8 beans and 1 cat is worth 100 carrots. What is 1 dog worth?arrow_forward
- Give me both part of answerarrow_forwardIs barter becoming more or less prevalent in the US economy? Why?arrow_forwardYou use the British pound currency to pay the rent of your apartment. The currency Select one: a. has intrinsic value. The exchange is not an example of barter. b. has intrinsic value. The exchange is not an example of barter. c. has no intrinsic value. The exchange is an example of barter. d. has no intrinsic value. The exchange is not an example of barter.arrow_forward
- Define the term Switching Policy?arrow_forwardWhat Is the term Switching Policy?arrow_forwardEconomics Answer true or false to the following statement. According to historical and anthropological evidence, prior to the advent of commodity monies, we do not find any societies in which people primarily depended upon bartering their labor or produce for the produce of others in order to get the necessities of daily life. Select one: A. True. B. False.arrow_forward
- As early as the year 1000 CE, nigeria used silver and other metal coins as currency. This is an example of bartercommodity/ moneyrepresentative (commodity-backed)/ moneyfiat money. In 1695, a private bank was granted the right to issue notes that were convertible to silver. This is an example of bartercommodity/ moneyrepresentative (commodity-backed)/ moneyfiat money. After the collapse of this system, a few new systems were implemented, most of which also adopted the silver standard. In 1873, the nigerian currency was introduced, and it was directly convertible to gold. This is an example of bartercommodity/ moneyrepresentative (commodity-backed)/ moneyfiat money. . For the next 100 years, the nigerian currency fell off and on the gold standard until it finally abandoned the gold standard for good in 1971. The nigerian currencyremained pegged to various other currencies until 1992, when it was allowed to float. Today, the nigerian currency follows the price of oil pretty…arrow_forwardWhich of the following is an example of representative money? Group of answer choices Gold Cowry shells Salt Teaarrow_forwardOne issue with barter is that sometimes there are commodities that cannot be broken down to smaller quantities. This refers to ______________. a. Coincidence of wants b. Difficulty in storing c. Common unit of measure d. Indivisibility of goodsarrow_forward
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