Using money as a medium of exchange: a. requires people to match ...

[swpotter12]

Using money as a medium of exchange:
 a. requires people to match goods wanted with goods available.
  b. inhibits economic transactions.
  c. reduces the need for barter in the economy.
  d. reduces the need for a banking system.
  e. reduces the range of feasible exchanges in the economy.

Question 2

The current price of wheat is 10 per bushel, but the equilibrium price of wheat is 5 per bushel. As a result,
 a. the quantity supplied of wheat exceeds the quantity demanded of wheat at 10 per bushel.
  b. the equilibrium quantity of wheat exceeds the quantity demanded at the 10 price.
 c. there is a surplus of wheat at the 10 price.
 d. All of the above are correct.

[janieazgirl]

Answer to Question 1

c

Answer to Question 2

d

[swpotter12]

Thanks for the timely response, appreciate it

[yeungji]

YES! Correct, THANKS for helping me on my review