Money exchanges are more efficient than barter because:
a. money exchanges do not require a double coincidence of wants.
b. the government guarantees the value of money.
c. money usually has an intrinsic value.
d. money is backed by a physical commodity.
e. opportunity costs are higher with barter trades.
a
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The above figure shows the market for steel ingots. What is the total surplus under social optimum?
A) $2500 B) $5000 C) $6500 D) Not enough information.
Studies show that as real income has been rising in the United States, the per-capita demand for food has been increasing by
A) much less, which means the demand for food is income inelastic. B) much more, which means the demand for food is income elastic. C) much more, which means the demand for food is income inelastic. D) as much, which means the demand for food is unit elastic. E) none of the above