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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Briefly explain the term negotiating barter.
What is barter system in an economy and what are its drawback!
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.
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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- 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_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_forwardGive me both part of answerarrow_forward
- Is barter becoming more or less prevalent in the US economy? Why?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_forwardYou 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_forward
- Define 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_forwardersonal 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 thatenergy bars have intrinsic value. Energy bars are an example ofcommodity money.arrow_forward
- Economics Answer true or false to the following statement. According to historical and anthropological evidence, prior to the advent of commodity monies, we do not find any societies in which people primarily depended upon bartering their labor or produce for the produce of others in order to get the necessities of daily life. Select one: A. True. B. False.arrow_forwardAs early as the year 1000 CE, nigeria used silver and other metal coins as currency. This is an example of bartercommodity/ moneyrepresentative (commodity-backed)/ moneyfiat money. In 1695, a private bank was granted the right to issue notes that were convertible to silver. This is an example of bartercommodity/ moneyrepresentative (commodity-backed)/ moneyfiat money. After the collapse of this system, a few new systems were implemented, most of which also adopted the silver standard. In 1873, the nigerian currency was introduced, and it was directly convertible to gold. This is an example of bartercommodity/ moneyrepresentative (commodity-backed)/ moneyfiat money. . For the next 100 years, the nigerian currency fell off and on the gold standard until it finally abandoned the gold standard for good in 1971. The nigerian currencyremained pegged to various other currencies until 1992, when it was allowed to float. Today, the nigerian currency follows the price of oil pretty…arrow_forwardWhich of the following is an example of representative money? Group of answer choices Gold Cowry shells Salt Teaarrow_forward
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