Barter is
A) the exchange of money for goods and then the exchange of those goods for money.
B) the exchange of money for money, or the exchange of money for stocks and bonds.
C) the exchange of goods and services for goods and services without the use of money.
D) any exchange, with or without the use of money, in which the participants negotiate (or barter) the price of the goods to be exchanged.
C
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In 1960, out-of-pocket spending on health care in the United States was
A) 2.2 percent. B) 6 percent. C) 48 percent. D) 64 percent.
The total cost of producing one unit is $50. The total cost of producing two units is $75. At a production level of two units, the cost function exhibits
A) economies of scale. B) rising average costs. C) increasing marginal costs. D) constant returns to scale.