Suppose That Corn Is the Unit of Account in a Certain

question 3

Multiple Choice

Suppose that corn is the unit of account in a certain economy.If a pair of tennis shoes exchanges for two bushels of corn and a pair of hiking boots exchanges for twelve bushels of corn,then

• A)whether or not a double coincidence of wants exists,all trades have to be made using corn
• B)with one pair of tennis shoes,a person will be able to purchase twelve pairs of hiking boots
• C)with one pair of tennis shoes,a person will be able to purchase six pairs of hiking boots
• D)with twelve pairs of tennis shoes,a person will be able to purchase one pair of hiking boots
• E)with six pairs of tennis shoes,a person will be able to purchase one pair of hiking boots

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Definitions:

Larger Population

Refers to a bigger group or an entire set from which samples can be drawn for statistical analysis or study purposes.

Smaller Population

A subgroup or a section of a larger group or population, particularly one that is less in number.

Sampling Error

The difference between sample and population values.

Average Score

The arithmetic mean calculated by dividing the sum of scores by the number of scores.