A major source of inefficiency in barter economies is that they require
A) a standard of deferred payment to make trade possible.
B) more liquid stores of value than do monetary economies.
C) a double coincidence of wants in exchange.
D) All of the above are correct.
C
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The productivity curve shifts upward when
A) technology advances. B) physical capital increases. C) hours of labor increase. D) hours of labor decrease. E) human capital decreases.
A rent ceiling on housing creates a problem of allocating the available housing units because
A) the demand for housing decreases and the demand curve shifts leftward. B) the supply of housing increases and the supply curve shifts rightward. C) a shortage of apartments occurs. D) a surplus of apartments occurs. E) it eliminates search, which is one of the major ways housing units are allocated.