In economics, money is
A. another term for income.
B. a financial instrument backed by some precious metal such as gold or silver.
C. whatever the government defines it to be.
D. anything that people generally accept in exchange for goods and services.
Answer: D
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To create a market
A) roles must be assigned. B) agents need instructions. C) property rights must be defined. D) transactions costs must be zero.
Assume the marginal tax rate is 10 percent for the first $30,000 of income, 15 percent for income between $30,000 and $70,000, and 20 percent for any income over $70,000. If Emily has taxable income equal to $80,000 for the year, what is her tax bill?
A. $16,000. B. $8,000. C. $12,000. D. $11,000.
An expansionary fiscal policy can:
(a) Raise the national debt; (b) Decrease the national debt; (c) Have no effect on national debt; (d) None of above.
I purchase a 10 percent coupon bond. Based on my purchase price, I calculate a yield to maturity of 8 percent. If I hold this bond to maturity, then my return on this asset is
A) 10 percent. B) 8 percent. C) 12 percent. D) there is not enough information to determine the return.