Which of the following statements is true of a barter system?
a. In a barter system, it is difficult to keep track of the relative values of goods and services.
b. In a barter system, an individual offers money to import goods and services
c. In a barter system, an individual offers currency notes to get coins.
d. In a barter system, different kinds of money are exchanged for one another.
e. In a barter system, individuals are self-sufficient.
a
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In 2015, imports represented:
A. about 15 percent of U.S. GDP. B. about 1 percent of U.S. GDP. C. about 40 percent of U.S. GDP. D. nearly 70 percent of U.S. GDP.
A consulting company estimated market demand and supply in a perfectly competitive industry and obtained the following results:Qd = 25,000 ? 5,000P + 25MQs = 240,000 + 5,000P ? 2,000PI where P is price, M is income, and PI is the price of a key input. The forecasts for the next year are ? = $15,000 and I = $20. Average variable cost is estimated to beAVC = 14 ? 0.008Q + 0.000002Q2Total fixed cost will be $6,000 next year. What will the firm's profit (loss) be?
A. $30,000 B. $36,000 C. $26,000 D. $20,000 E. -$6,000, the firm shuts down and loses only its fixed costs.