Question

In: Economics

Which of the following is false about Trade? Group of answer choices 1) bartering is a...

Which of the following is false about Trade?

Group of answer choices

1) bartering is a simple form of trade

2) bartering is the most efficient form of trade

3) bartering took place in the early civilizations

4) bartering is a free market system

Surplus and Shortages

What is false?

Group of answer choices

1) If there is a surplus in the market, the market will take care of the surplus by not purchasing the excess amount and it will go away.

2) If there is a shortage, more suppliers/firms will enter and offer the product or service

3) the government needs to regulate surpluses and shortages

4) all of the above are false in regards to surpluses and shortages

Expert Solution

Answer-1. Correct option is (4)

''Bartering is a free market system'', this statement is false. Because free market system is based on supply and demand with little or no government control.

About bartering these statements are true:

1) Bartering is a simple form of trade : In trade, barter is a system of exchange where participants in a transaction directly exchange goods or services for other goods or services without using a medium of exchange, such as money.

2) Bartering is the most efficient form of trade : Companies may want to barter their products for other products because they do not have the credit or cash to buy those goods. It is an efficient way to trade because the risks of foreign exchange are eliminated.

3) Bartering took place in the early civilizations : The history of bartering dates all the way back to 6000 BC. Introduced by Mesopotamia tribes, bartering was adopted by Phoenicians. Phoenicians bartered goods to those located in various other cities across oceans. ... Goods were exchanged for food, tea, weapons, and spices.

Answer-2. Correct option is (2)

''If there is a shortage, more suppliers/firms will enter and offer the product or service'', this statement is false. If there is a shortage in the market, it is eliminated by free market system. The price will rise until shortage will eliminated and the quantity supplied equals to quantity supplied. The market will be in equilibrium again.

These statements are true:

1) If there is a surplus in the market, the market will take care of the surplus by not purchasing the excess amount and it will go away. If there is a surplus in the market, it is eliminated by free market system. The price will fall until surplus will eliminated and the quantity supplied equals to quantity supplied. The market will be in equilibrium again.

3) The government needs to regulate surpluses and shortages. Government tries to combat these inequalities through regulation, taxation and subsidies.

Rahul Sunny answered 2 years ago

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