The Figure Given Below Represents the PPC in Two Nations

question 8

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

-The term barter refers to exchanges made:

• A)only with the use of money.
• B)without the use of money.
• C)outside the U.S. economy.
• D)only in underdeveloped countries.
• E)within countries in a monetary union.

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Definitions:

Total Revenue

Total Revenue is the full amount of income generated by the sale of goods or services before any costs are deducted.

Perfectly Elastic Demand

Demand in which quantity drops to zero at the slightest increase in price.

Ceteris Paribus

A Latin phrase meaning "all other things being equal," used in economics to analyze the effect of one variable change while holding others constant.

Perfectly Competitive Industry

A market structure where there are many buyers and sellers, products are identical, and there is free entry and exit from the market.