When there are many goods is that in a barter system
A) transactions costs are minimized.
B) there exists a multiple number of prices for each good.
C) there is only one store of value.
D) exchange of services is impossible.
B
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Which of these groups of nations are all members of the eurozone?
A. The United Kingdom, France, and Switzerland. B. France, Germany, and Italy. C. Denmark, Sweden, and Norway. D. Russia, Poland, and Hungary.
Suppose that consumers' preferences are well behaved in that properties 4-1 to 4-4 are satisfied. Furthermore, assume that both X and Y are normal goods and that the price of good Y increases. Then, which of the following effects is known with certainty?
A. The income and substitution effects will reinforce one another, leading to an overall increase in the consumption of good Y. B. There will be an indeterminate effect on the consumption of good X. C. The income and substitution effects reinforce one another, leading to an overall decrease in the consumption of good X. D. The income and substitution effects reinforce one another, leading to an overall increase in the consumption of good X.