To an economist, ________ is anything that is generally accepted in payment for goods and services or in the repayment of debt
A) wealth
B) income
C) money
D) credit
C
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Items bought by individuals to provide personal enjoyment are termed
A) consumption goods. B) personal goods. C) consumption or investment goods. D) standard goods. E) pleasure goods.
If it is impossible to prevent someone from benefiting from a good regardless of whether or not the person paid for it, then the good is
A) nonrival. B) rival. C) nonexcludable. D) excludable.
Per capita GNP and quality-of-life are the only ways to determine a country's level of economic development
a. True b. False Indicate whether the statement is true or false
Other things the same, if prices fell when firms and workers were expecting them to rise, then
a. employment and production would rise. b. employment would rise and production would fall. c. employment would fall and production would rise. d. employment and production would fall.