Which of the following is an example of barter?
a. A parent gives a teenager a $10 bill in exchange for her babysitting services.
b. A homeowner gives an exterminator a check for $50 in exchange for extermination services.
c. A barber gives a plumber a haircut in exchange for the plumber fixing the barber's leaky faucet.
d. All of the above are examples of barter.
c
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Turning points in business cycles occur when
A) a new business cycle is initiated at the trough. B) the economy hits the peak or trough in the business cycle. C) the business cycle begins to follow a new pattern that differs from previous business cycles. D) a new business cycle is initiated at the peak.
One reason a bank keeps vault cash is because it
a. may be required to provide cash to customers who are withdrawing their funds b. wants to earn more interest income c. wants to offer more loans d. may need to make transactions with other banks e. may need to pay more interest on its savings accounts