Money Banking and the Financial System 3E - Hubbard - TB chapter 2

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1、Money,Banking,andtheFinancialSystem,3e(Hubbard/O'Brien)Chapter2MoneyandthePaymentsSystem2.1DoWeNeedMoney?1)AnimportantreasonwhyeconomiesatanearlystageofdevelopmenttendtooperateinefficientlyisA)theytendtobedominatedbytheagriculturalsector,whereproductivityisusuallylow.B)theytendtohaveauthoritariango

2、vernmentsthatstifleinnovation.C)theytendtobeplaguedbysuperstitiousbeliefsthatstifleinnovation.D)thehightransactionscostsassociatedwithbarter.Answer:DDiff:2PageRef:26Topic:barterObjective:Analyzetheinefficienciesofabartersystem*:RecurringAACSB:ReflectiveThinking2)By"specialization"economistsmeanasit

3、uationwhereA)individualsproducethegoodsorservicesforwhichtheyhaverelativelythebestability.B)goodsaretradeddirectlyforgoodsandmoneyisnotused.C)individualswhoproducegoodsdonotalsoproduceservicesandindividualswhoproduceservicesdonotalsoproducegoods.D)individualsareassignedtooccupationsonthebasisoftest

4、sthatgaugetheirrelativeabilities.Answer:ADiff:1PageRef:27Topic:specializationObjective:Analyzetheinefficienciesofabartersystem*:RecurringAACSB:ReflectiveThinking3)ThemostimportanteconomicbenefitfromspecializationisthatitA)makesitpossibleforaneconomytobeginusingmoney.B)leadstoanincreaseinthestandard

5、oflivinginaneconomy.C)makesbarterpossible.D)eliminatestheneedforfinancialmarkets.Answer:BDiff:2PageRef:27Topic:specializationObjective:Analyzetheinefficienciesofabartersystem*:RecurringAACSB:ReflectiveThinking38Copyright©2018PearsonEducation,Inc.4)WhenaneconomyreliesonspecializationA)theeconomywill

6、generallyproduceonlyoneproduct.B)theeconomywillusuallybeheavilyagricultural.C)eachindividualintheeconomyproducesthegoodsorservicesforwhichheorshehasrelativelythebestability.D)eachindividualwillbeassignedbythegovernmenttoproducethatgoodorservicethegovernmentbelievestheeconomyshouldspecializein.Answe

7、r:CDiff:2PageRef:27Topic:specializationObjective:Analyzetheinefficienciesofabartersystem*:RecurringAACSB:ReflectiveThinking5)Fundamentally,toreapthebenefitsofspecialization,aneconomymustA)beheavilyindustria