For barter to occur there must be
A. no markets for people to exchange goods.
B. one person who pays cash.
C. services in exchange for goods.
D. a double coincidence of wants for each good to be exchanged.
Answer: D
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Which of the following measures the changes in the prices of a "market basket" of some 300 goods and services purchased by typical urban consumers?
A. The GDP Price Index B. The Consumer Price Index C. The Retail Trade survey D. The Wholesale Price Index
Suppose a technological advancement makes automobiles 50% safer, and at the same time, the prices of automobiles go up by 25%. Is this a pure price change?
A. Yes, because an improvement in quality has caused prices to rise. B. No, because it is not possible to put a value on safety. C. No, because an improvement in quality has caused prices to rise. D. Yes, because the price has gone up.