Which one of the following best describes how money and wealth are related?
A. Money is wealth but not all wealth is money.
B. Money is a means of payment but is not part of wealth.
C. Assets that are part of wealth always have a positive return while money does not.
D. Wealth is a store of value and a means of payment while money is only a means of payment.
Answer: A. Money is wealth but not all wealth is money.
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Refer to Figure 2-15. In the circular flow diagram, market K represents
A) product markets. B) households. C) firms. D) factor markets.
You turn to the bond market page of a newspaper and look under the column headed "Net Chg" and see that it says, "-1/4" this indicates that
A. the closing price for the bond on this particular day was $2.50 lower than on the previous day. B. the closing price for the bond on this particular day is $0.25 lower than on the previous day. C. the yield for the bond has fallen by 0.25% compared to the previous day. D. the yield for the bond has fallen by 0.25% compared to exactly one year ago.
Marginal utility is defined as the
a. average amount of satisfaction gained from consuming a product b. total amount of satisfaction gained from consuming a product c. additional satisfaction gained from consuming one more unit of a product d. total amount of satisfaction gained from consuming a product divided by the number of units consumed e. total amount of satisfaction gained from consuming a product times the number of units consumed
The basis for international trade is
a. established trade patterns b. the size of gold holdings of two countries c. shipping and transportation costs d. absolute advantage e. comparative advantage