Which of the following is the main problem with the barter system of exchange?
A. It encourages self-interest
B. It fosters the division of labor
C. It requires a coincidence of wants
D. It undermines the right to bequeath
Answer: C
Economics
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Which of the following is not money?
a. Checks b. Coins c. Federal reserve notes d. Debit cards e. Credit cards
Economics
If Terrell can produce more bagels in one day than Zori can produce in one day, then
a. Terrell has a comparative advantage in the production of bagels. b. Zori has a comparative advantage in the production of bagels. c. Terrell has an absolute advantage in the production of bagels. d. Terrell should produce bagels and Zori should spend her time on a different activity.
Economics