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Man, Economy, and State Study Guide Answers Ch. 4

Ch. 4 – Prices and Consumption What is the significance of the fact that the “number of markets needed is immeasurably reduced” in a money economy? (pp. 233-35)A.  In a direct exchange economy (a hypothetical concept), each good has a … Continue reading

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Man, Economy, and State: Study Guide Answers Ch. 3

Chapter 3 – Indirect Exchange   Name two different problems with direct exchange. (pp. 187-88) A:  One problem with direct exchange is the lack of “coincidence of wants.”  Exchange can only take place in a direct exchange economy if two … Continue reading

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