Which of the Following Best Characterizes a System of Barter

question 36

Multiple Choice

Which of the following best characterizes a system of barter?  

• A) No rates of exchange are defined. 
• B) There are as many different rates of exchange as there are pairs of goods to trade. 
• C) Rates of exchange are expressed in dollars per good. 
• D) Rates of exchange are denominated in gold or silver.

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Definitions:

Simplify

To simplify a mathematical expression or problem to its most basic version.

Competitive Output Markets

Markets where multiple firms sell similar or identical products, and prices are determined through competition among sellers.

Exponent

In mathematics, a number indicating how many times a base is to be multiplied by itself.

Binomial

A polynomial expression that contains exactly two terms, typically written in the form a+b.