Money is:
A. a proven cognitive bias.
B. not fungible, meaning it can be easily exchanged or substituted.
C. an alternative to implicit costs.
D. fungible, meaning it is easily exchangeable or substitutable.
Answer: D
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Human capital is, in part, the
A) amount of money held by a worker. B) stock of knowledge of a worker. C) stock of plant and equipment. D) stock of financial assets held by the public.
In the presence of discrimination by customers,
a. market forces nevertheless always work to prevent discriminatory wage differentials. b. discriminatory wage differentials can exist, but only if firms refrain from maximizing their profits. c. discriminatory wage differentials can exist, but only if government reinforces customers' practices by passing laws that mandate discrimination. d. discriminatory wage differentials can exist, even in the absence of discriminatory practices by firms or by government.
Between 1997 and early 2016, U.S. policymakers intervened in the foreign exchange markets:
A. once a year. B. never. C. almost constantly. D. twice.
The market value of final output produced in a given period measured in the prices of that period is:
A. Real GDP. B. GDP per capita. C. Nominal GDP. D. Potential GDP.