Money is
A) an asset that people are willing to accept in exchange for goods and services.
B) a liability that people are willing to accept in exchange for goods and services.
C) the income one earns over a period of time.
D) one's assets net of one's liabilities at any point in time.
Answer: A
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The labor force is defined as people
A) who have a job or are looking for a job. B) in the working-age population who have a job. C) in the working-age population who have a full time job. D) who are 16 years of age or older.
Refer to Figure 9.6. As a result of this policy, quantity will
A) fall to 300. B) rise to 400. C) stay at 400. D) fall to 400. E) rise to 600.
Quasi-concavity of utility functions insures that with only two goods, these goods must be:
a. gross substitutes. b. gross complements. c. net substitutes. d. net complements.
According to economists, an individual who tries to derive utility from the consumption of a good without paying for it is called:
a. a utility maximizer. b. a free rider. c. an opportunist. d. a profit maximizer.