Without an Accepted Medium of Exchange

question 334

Multiple Choice

Without an accepted medium of exchange

• A) there would be no trade.
• B) people would have to rely on gold or silver in order to exchange goods and services.
• C) goods and services would be exchanged by barter.
• D) prices are very difficult to determine.

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Definitions:

Cyclical Unemployment

Unemployment that arises during downturns in the business cycle, particularly during recessions, when there is insufficient demand for goods and services.

Unemployment Rate

The proportion of the workforce that is unemployed and actively seeking work.

Structurally Unemployed

Unemployment resulting from industrial reorganization, typically due to technological change, rather than fluctuations in supply or demand.

Investment Banker

A professional within the banking sector who deals with raising capital for corporations, governments, or other entities by underwriting or acting as the client's agent in the issuance of securities.