As the payments system evolves from barter to a monetary system,
A) commodity money is likely to precede the use of paper currency.
B) transaction costs increase.
C) the number of prices that need to be calculated increase rather dramatically.
D) specialization decreases.
A
Economics
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It is very difficult for Gourmet Chocolatier to find inexpensive and available inputs for the business. Because of this, we predict that Gourmet Chocolatier's supply to be
A) inelastic. B) perfectly elastic. C) elastic. D) unit elastic. E) nonexistent.
Economics
Refer to the figure above. This country's imports equal
A) CE units of X. B) GH units of Y. C) CD units of X. D) DE units of Y.
Economics