Money is any commodity or token that
A) is naturally accepted by households to accumulate wealth.
B) is backed up and controlled by the government.
C) does not change in value over time.
D) is generally accepted as a means of payment.
E) is backed by gold.
D
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Refer to Table 19-14. Consider the following data on nominal GDP and real GDP (values are in billions of dollars): The GDP deflator for 2016 equals
A) 92.2. B) 102.6. C) 108.5. D) 109.1.
Cross-elasticity of demand could be used to measure the responsiveness of the quantity demanded of swimming pools to a change in the price of picnic tables
a. True b. False Indicate whether the statement is true or false
The high cost of advertising and promoting a new product in a market dominated by well established brands cannot be recovered if the product fails. The prospect of risking the loss of hundreds of millions of dollars on a failed consumer product can serve as a considerable barrier to entry
Indicate whether the statement is true or false
Patents stimulate technological advance by
A. enabling the government to determine which potential technological advances firms should pursue. B. making capital more productive. C. allowing inventors to capture the economic rewards of their inventions. D. providing information about the status of technical knowledge in the economy.