3. The specialization in production made possible by the use of money to avoid barter is an illustration of th

Question

3. The specialization in production made possible by the use of money to avoid barter is an illustration of the:

A. scarcity principle.

B. principle of comparative advantage.

C. principle of increasing opportunity cost.

D. benefits of diversification.

E. cost-benefit principle.

4. When money is used to purchase goods and services, it serves as a:

A. financial intermediary.

B. double coincidence of wants.

C. store of value.

D. medium of exchange.

E. unit of account.

Answer 1

B. principle of comparative advantage.

D. medium of exchange

Answer 2

3. The specialization in production made possible by the use of money to avoid barter is an illustration of the:

E. cost-benefit principle.

4. When money is used to purchase goods and services, it serves as a:

.D. medium of exchange.

Answer 3

Why don't you figure it out yourself?