Economists use the word "money" to refer to
a. income generated by the production of goods and services.
b. those assets regularly used to buy goods and services.
c. financial assets such as stocks and bonds.
d. any type of wealth.
b
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According to the graph shown, total surplus is area:
A. A + B + C.
B. B.
C. A.
D. A + B.
Suppose an oil cartel has an agreement to restrict members' production in order to maintain a price of $30 per barrel. A single cartel member may want to cheat and exceed its quota so that it can:
a. reduce its costs. b. charge higher prices. c. make demand more inelastic. d. earn a bigger profit.
From the mid-1980s until late 2007, the less world's less volatile economies were probably due, at least in part, to good luck
a. True b. False Indicate whether the statement is true or false
Savings plus consumption equals disposable income
A. all of the time B. most of the time C. rarely D. never