WORLD VIEWTrading Chickens for DiapersBartering for Survival in VenezuelaCaracas. February 28, 2017-Yeman needsdiapers for her 16-month-old baby butcan't find them in neighborhood stores.The stores in fact have very few goods tosell and run out of them quickly. So, sheuses her smartphone to check the "UnitedMoms" chat group on Facebook. There shediscovers that someone has diapers thatthey are willing to trade for chicken.Luckily, Yeman has some chicken. Shecontacts the seller and arranges to meet,where she will swap her chicken for threepacks of diapers.Yeman's plight is commonplace inVenezuela these days. The nation'scurrency-the bolivar-has becomeworthless. Its market value has plummetedfrom 6.3 bolivars per U.S. dollar at thebeginning of 2016 to 5,000 bolivars perU.S. dollar in early 2017. A bolivar doesn'tbuy much anymore.Even if the bolivar were more valuable,there aren't many goods to buy inVenezuela's shrunken economy. Peoplewait for hours in line to buy anythingstores have to sell. Then they turn toFacebook, WhatsApp, or Instagram totrade the products they bought for goodsthey really want. Recent postings onFacebook revealed that a bag of flourcould be traded for a bottle of shampooand that a packet of diapers could beobtained for a kilo of pasta. Staples likesugar, coffee, corn flour, and rice areparticularly hard to find.Source: February 2017 news reports.a. How many packs of diapers could a Venezuelan get in barter for onepack(s) of diaperschicken?b. How many packs of diapers could a Venezuelan get in barter for a kiloof pasta?pack(s) of diapersc. How many bags of flour could be traded for a 3 bottles of shampoo?bags d. At the beginning of 2016, how many U.S. cents was a Venezuelanbolivar worth?(please round to one decimal place).Hint: Take the reciprocal of bolivars per dollar to get dollars (or cents) pe.bolivar.e At the beginning of 2017, how many U.S. cents was a Venezuelanbolivar worth(please round to four decimalplaces).

Introduction: Barter System of Exchange: A barter system is a primitive system of exchange. This…

a. How many packs of diapers could a Venezuelan get in barter for one chicken? pack(s) of diapers b. How many packs of diapers could a Venezuelan get in barter for a kilo of pasta? pack(s) of diapers c. How many bags of flour could be traded for a 3 bottles of shampoo? bags

a. How many packs of diapers could a Venezuelan get in barter for one chicken? pack(s) of diapers b. How many packs of diapers could a Venezuelan get in barter for a kilo of pasta? pack(s) of diapers c. How many bags of flour could be traded for a 3 bottles of shampoo? bags

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter6: Consumer Choices

Section: Chapter Questions

Problem 1SCQ: Jeremy is deeply in love with Jasmine. Jasmine lives where cell phone coverage is poor, so he can...

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