Money is defined as

A) a by product of a barter economy.
B) any financial instrument that is backed by gold.
C) anything people generally accept in exchange for goods and services.
D) a person's net worth.


C

Economics

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If the minimum wage is set above the equilibrium wage, a supply and demand diagram of the low-skilled labor market will show unemployment as

A) a vertical distance. B) a horizontal distance. C) the area of a rectangle. D) the area of a triangle.

Economics

If ten cases of spring water are sold at a price of $6 each in a perfectly competitive output market and the marginal product of the last unit of labor is 5, then the marginal revenue product of that last unit of labor is

a. $60 b. $30 c. $50 d. $2 e. 60 cents

Economics

Which of the following will not affect the size of a nation's physical or human capital stock?

a. A new factory is constructed b. A new machine is installed in company's plant. c. An eighteen-year-old enrolls in college as a full-time student. d. All of the above affect the size of a nation's capital stock.

Economics

Other things constant, an increase in interest rates will

A) increase your incentive to borrow. B) increase your incentive to save. C) increase your incentive to buy a new car on credit. D) reduce your incentive to save.

Economics