Exchange Is Necessary in an Economy If

question 23

Multiple Choice

Exchange is necessary in an economy if:

• A)output is to be produced.
• B)output is to be consumed.
• C)individuals are self-sufficient.
• D)families are self-sufficient.
• E)labor is specialized.

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Definitions:

Scatterplot

A scatterplot is a type of graph used in statistics to display the relationship between two numerical variables, with data points represented as dots in a two-dimensional space.

Data Set

A group of related information sets that consists of distinct parts yet can be managed as a single entity by a computer.

Life Expectancy

The average number of years an individual or population is expected to live, based on current mortality rates and other demographic factors.

Regression Model

A statistical technique used to predict the value of a dependent variable based on the values of one or more independent variables.