Without Money to Act as a Medium of Exchange

question 47

Multiple Choice

Without money to act as a medium of exchange,

• A)all exchanges that take place under a monetary system would still take place.
• B)the standard of living in the economy would increase.
• C)barter exchange would allow for a much simpler yet increased standard of living.
• D)the increased transactions costs associated with trading would prohibit some trades from taking place.
• E)independence in production would lead to a proliferation of new products.

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Definitions:

Two-way Factor ANOVA

A statistical method used to determine the effect of two nominal predictor variables on a continuous outcome variable.

Replications

Multiple instances or repeats of experiments or studies to verify findings or to increase precision.

Degrees of Freedom

The number of independent pieces of information upon which a statistical estimate is based minus the number of parameters being estimated.

Two-way ANOVA

A statistical method used to examine the effects of two different independent variables on one dependent variable.