6. The difference between money and income is A) money is a flow variable and income is a stock variable. B) money is a flow variable and income is a stock variable. C) there is no difference, money and income are both stock variables. D) there is no difference, money and income are both flow variables. 7. Conversion of the barter economic system into an economic system that uses money as a medium of payment…... A) increase efficiency by reducing the need to exchange goods and services. B) increase efficiency by reducing the need to specialize. C) increase efficiency by reducing transaction costs. D) does not increase economic efficiency.

6. The difference between money and income is A) money is a flow variable and income is a stock variable. B) money is a flow variable and income is a stock variable. C) there is no difference, money and income are both stock variables. D) there is no difference, money and income are both flow variables. 7. Conversion of the barter economic system into an economic system that uses money as a medium of payment…... A) increase efficiency by reducing the need to exchange goods and services. B) increase efficiency by reducing the need to specialize. C) increase efficiency by reducing transaction costs. D) does not increase economic efficiency.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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