EBK ECONOMICS
13th Edition
ISBN: 8220106798607
Author: Arnold
Publisher: CENGAGE L
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Chapter 12, Problem 5QP
To determine
Identify whether the given statement is true or false.
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There would be very few comedians in a barter economy. Do you agree or disagree with this statement? Explain your answer.
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If ours were a barter economy, how would you pay your tuition bill? What if your college did not want the goods or services you offered in payment?
Chapter 12 Solutions
EBK ECONOMICS
Ch. 12.2 - Prob. 1STCh. 12.2 - Prob. 2STCh. 12.2 - Prob. 3STCh. 12.3 - Prob. 1STCh. 12.3 - Prob. 2STCh. 12.3 - Prob. 3STCh. 12.4 - Prob. 1STCh. 12.4 - Prob. 2STCh. 12.4 - Prob. 3STCh. 12 - How much money did you make last year? What is...
Ch. 12 - Prob. 2QPCh. 12 - Prob. 3QPCh. 12 - Prob. 4QPCh. 12 - Prob. 5QPCh. 12 - Prob. 6QPCh. 12 - Prob. 7QPCh. 12 - Prob. 8QPCh. 12 - Prob. 9QPCh. 12 - Prob. 10QPCh. 12 - Prob. 11QPCh. 12 - Prob. 12QPCh. 12 - Prob. 13QPCh. 12 - Prob. 14QPCh. 12 - Prob. 15QPCh. 12 - Prob. 16QPCh. 12 - Prob. 17QPCh. 12 - Prob. 1WNGCh. 12 - Prob. 2WNGCh. 12 - Prob. 3WNGCh. 12 - Prob. 4WNGCh. 12 - Prob. 5WNGCh. 12 - Prob. 6WNGCh. 12 - Prob. 7WNGCh. 12 - Prob. 8WNGCh. 12 - Prob. 9WNGCh. 12 - Prob. 10WNG
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Similar questions
- Differentiate the barter vs. coinage vs. paper/polymer.arrow_forwardWhat is barteringarrow_forwardWhat challenges would you face if we lived in a society without money and would require a barter system and How would these challenges impact your ability to choose what products and services you purchase, as well as what brand or provider you use for those services.arrow_forward
- Which of the following are true of a barter economy? Check all that apply. The transaction costs of exchanges are lower in a barter economy than in a money economy. Average living standards can be expected to be lower in a barter economy than in a money economy. Money evolved out of a barter economy as traders sought to make trading easier.arrow_forwardWhat are the advantages of an economy using money as opposed to a barter system of exchange?arrow_forwardPersonal possession of currency is prohibited in U.S. prisons, although, in practice, prisoners still exchange goods and services. U.S. prisoners used cigarettes as a medium of exchange until smoking was banned in U.S. prisons in 2003. After 2003, prisoners looked to other items on the commissary menu to facilitate exchange. In 2008, the Wall Street Journal reported that energy bars had caught on as money in some U.S. prisons. One important difference between using energy bars and using dollars as money is that____ have intrinsic value. Energy bars are an example of ___ money.arrow_forward
- Discuss in detail that how different functions of money (for instance, mediumof exchange, a unit of account, etc.) help to solve problems of the barter economy.arrow_forwardMoney is a means of lowering the transaction costs of making exchanges. Do you agree or disagree? Explain your answer.arrow_forwardWould you consider Noodles or Cigarettes have become the new form of currency within the prison system for inmates? Why?arrow_forward
- Advantages of barter trade and disadvantages of barter tradearrow_forwardThe total amount of U.S. currency in circulation divided by the U.S. population comes out to about $3,500 per person. That is more than most of us carry. Where is all the cash?arrow_forwardMoney overcomes the problem of a double coincidence of wants inherent in the barter system through its function as aarrow_forward
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