Author Question: Which of the following statements is NOT true about exchanges in the market system? A) In ... (Read 29 times)

drink · **on:** Jun 29, 2018

Which of the following statements is NOT true about exchanges in the market system?

A) In voluntary exchange both parties are better off because of the exchange.
B) Exchanges occur only in situations of barter where the market price is irrelevant.
C) Prices indicate what is relatively abundant and what is relatively scarce.
D) Transaction costs in exchanges include the cost of enforcing a contract as well as the costs of information.

Question 2

The study of the aggregate economic variables is

A) macroeconomics.
B) microeconomics.
C) positive economics.
D) normative economics.