If Money Were Not Used as a Medium of Exchange

question 41

Multiple Choice

If money were not used as a medium of exchange,

• A) the gains from trade would be severely limited.
• B) our standard of living would probably improve.
• C) the transaction costs of exchange would be lower.
• D) economic efficiency would increase.

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Definitions:

Physical Condition

the state of a person's body, often relating to their level of fitness, health, and ability to perform physical activities.

Proper Diet

A balanced nutritional plan that provides the body with the essential nutrients, vitamins, and minerals required for optimal health and functioning.

Kubler-Ross

A model that outlines the five stages of grief (denial, anger, bargaining, depression, acceptance), originally described by Elisabeth Kübler-Ross.

Five Stages

A reference to a model or process that is divided into five distinct phases, often used in psychological, medical, and other scientific contexts.