In Which System Is It Difficult to Keep Track of the Relative

question 64

Multiple Choice

In which system is it difficult to keep track of the relative values of goods and services?  

• A) in a barter system 
• B) in a price system 
• C) in a self-sufficient system 
• D) in a monetary exchange system

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Definitions:

Competitive Market

A market structure characterized by a large number of buyers and sellers, similar products offered by the competing businesses, and a negligible amount of market control held by each seller.

Coconuts

The large, oval, brown seed of a tropical palm, containing a clear liquid and a white, edible flesh.

Fish

Aquatic, gill-bearing animals that lack limbs with digits.

Comparative Advantage

The ability of an entity to produce a good or service at a lower opportunity cost than its competitors, leading to a more efficient allocation of resources.