Money is defined as
a. the currency of a nation.
b. anything that is commonly accepted in exchange for other goods and services.
c. currency that has been designated as legal tender.
d. notes issued by the U.S. Treasury and backed by gold.
b. anything that is commonly accepted in exchange for other goods and services.
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Managerial economics is best defined as
A) the study of economics by managers. B) the study of the aggregate economic activity. C) the study of how managers make decisions about the use of scarce resources. D) All of the above are good definitions.
A market consequence of the establishment of a price floor program is that price will be:
a. too low, and an excess supply will result. b. too low, and a shortage will result. c. too high, and an excess supply will result. d. too high, and a shortage will result. e. below the market equilibrium price.
The identification of hazardous wastes under the Resource Conservation and Recovery Act (RCRA)
a. uses benefit-cost analysis for characteristic wastes b. uses a uniform approach to implement the identification criteria c. employs an index based on toxicity d. is based on risk-benefit analysis
According to the modern expectational Phillips curve, unemployment will temporarily rise above the natural rate of unemployment when
a. any inflation is present. b. inflation turns out to be lower than what people expected. c. inflation turns out to be higher than what people expected. d. inflation turns out to be equal to what people expected.