The Conversion of a Barter Economy to One That Uses

question 88

Multiple Choice

The conversion of a barter economy to one that uses money

• A)increases efficiency by reducing the need to exchange goods and services.
• B)increases efficiency by reducing the need to specialize.
• C)increases efficiency by reducing transactions costs.
• D)does not increase economic efficiency.

---

Definitions:

Social Well-Being

The condition of an individual or group in terms of their mental, emotional, and physical health and their ability to interact successfully with others in society.

Leisure Time

Free time available to an individual after dedicating time to work, chores, and other obligatory activities, often used for relaxation or hobbies.

Net Domestic Product

The total value of all goods and services produced within a country in a year, minus depreciation.

Gross Domestic Product

The total market value of all final goods and services produced within a country in a specific time period, a primary indicator of economic health.