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1.Explain how does the existence of money reduce the costs of making transactions, relative to a society which is based totally on barter? English is becoming the usual language for international transactions, even if the language of neither country is English. How it reduces the costs of transacting?

2. There are two goods in the economy, anchovies (a fish) and bananas (a farm product). Draw the economies production possibilities before and after a natural disaster which lowers the banana harvest but does not affect anchovies.

Reference no: EM13355022

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