Macroeconomics (Book Only)
12th Edition
ISBN: 9781285738314
Author: Roger A. Arnold
Publisher: Cengage Learning
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Chapter 9.1, Problem 1ST
To determine
Describe Say’s law in terms of barter economy.
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Chapter 9 Solutions
Macroeconomics (Book Only)
Ch. 9.1 - Prob. 1STCh. 9.1 - Prob. 2STCh. 9.1 - Prob. 3STCh. 9.2 - Prob. 1STCh. 9.2 - Prob. 2STCh. 9.2 - Prob. 3STCh. 9.3 - Prob. 1STCh. 9.3 - Prob. 2STCh. 9.3 - Prob. 3STCh. 9 - Prob. 1VQP
Ch. 9 - Prob. 2VQPCh. 9 - Prob. 3VQPCh. 9 - Prob. 4VQPCh. 9 - Prob. 5VQPCh. 9 - Prob. 1QPCh. 9 - Prob. 2QPCh. 9 - Prob. 3QPCh. 9 - Prob. 4QPCh. 9 - Prob. 5QPCh. 9 - Prob. 6QPCh. 9 - Prob. 7QPCh. 9 - Prob. 8QPCh. 9 - Prob. 9QPCh. 9 - Prob. 10QPCh. 9 - Prob. 11QPCh. 9 - Prob. 12QPCh. 9 - Prob. 13QPCh. 9 - Prob. 14QPCh. 9 - Prob. 15QPCh. 9 - Prob. 16QPCh. 9 - Prob. 17QPCh. 9 - Prob. 18QPCh. 9 - Prob. 1WNGCh. 9 - Prob. 2WNGCh. 9 - Prob. 3WNGCh. 9 - Prob. 4WNGCh. 9 - Prob. 5WNGCh. 9 - Prob. 6WNG
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- Briefly explain the term negotiating barter.arrow_forwardWhat is barter system in an economy and what are its drawback!arrow_forwardWhich of the following is an example of barter? Multiple Choice O O Ahmed donates to a charity knowing that he will receive tax benefits from doing so. Kwame leaves a large tip for his walter. Nora purchases lunch with cash. Hena takes out her neighbor's trash, and the neighbor gives Hena some chocolate as repayment.arrow_forward
- Bartering is represented by which of the following? A parent gives a teenager a $10 bill in exchange for her babysitting services. A homeowner gives an exterminator a check for $50 in exchange for extermination services. A barber gives a plumber a haircut in exchange for the plumber fixing the barber's leaky faucet. All of the above are examples of barter.arrow_forwardConsider the following example of bartering: 1 10-ounce T-bone steak can be traded for 5 soft drinks. 1 soft drink can be traded for 10 apples. 100 apples can be traded for a T-shirt. 5 T-shirts can be exchanged for 1 textbook. It takes 4 textbooks to get 1 VCR. How many 10-ounce T-bone steaks could you exchange for 1 textbook? How many soft drinks? How many apples? State the price of T-shirts in terms of apples, textbooks, and soft drinks. Why do you think we use money as a unit of account?arrow_forwardWhich 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_forward
- barter – the trade of foods for goods- is booming. according to the us department of commerce, barter accounts for 30% of the world’s total business, and experts estimate tat 65% of fortune 500 companies engage in barter to one degree or another. if a medium of exchange clearly had advantages over barter, why does barter exist today?arrow_forwardBriefly discuss the inconveniences of the barter economy. Write down the functions of money? Discuss those functions based on both money-commodity and money-debt approaches.arrow_forwardDiscuss 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_forward
- You use the British pound currency to pay the rent of your apartment. The currency Select one: a. has intrinsic value. The exchange is not an example of barter. b. has intrinsic value. The exchange is not an example of barter. c. has no intrinsic value. The exchange is an example of barter. d. has no intrinsic value. The exchange is not an example of barter.arrow_forwardDefine the term Switching Policy?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
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