The Figure Given Below Represents the PPC in Two Nations

question 75

Multiple Choice

The figure given below represents the PPC in two nations - Germany and Korea, producing only two goods, cars and food.Figure 2.4

-Barter requires a double coincidence of wants. This means that:

• A)at least two traders must demand a commodity.
• B)any two traders involved in a transaction must have money.
• C)each trader must demand at least two commodities.
• D)either of the two traders involved in a transaction must have money.
• E)when two traders are involved in a transaction each trader must want what the other has to offer.

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Definitions:

Population

The entire group of individuals or items of interest from which samples may be drawn for statistical analysis.

Quantitative

Refers to the measurement of something in terms of quantity or amount.

Categorical

Pertaining to data that can be divided into specific groups or categories that are mutually exclusive.

Data

Collected information or facts, typically numerical, that are used as a basis for reasoning, discussion, or calculation.