Most markets involve the use of money for transactions because:
a. goods and services can be exchanged more easily with money than without it.
b. goods and services cannot be exchanged without money.
c. using money requires a double coincidence of wants.
d. the transaction costs of using money are very high.
e. the value of money remains same across countries over time.
a
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If you know what marginal cost is, then you should know what marginal revenue is. It's the change in
a. total profit generated by a change in quantity b. price generated by a change in quantity c. total revenue generated by a change in quantity d. output generated by a $1 change in price e. average revenue generated by a change in quantity
In official government statistics, the GDP deflator is actually calculated using:
A. a method called a chain-weighted index. B. the ratio of nominal GDP to real GDP from the year before it. C. a simpler approach, so the results are easily comparable. D. the value of a market basket that households typically purchase.