For something to serve as money, it must be

A. backed by the authority of the government.
B. generally accepted by buyers and sellers.
C. convertible to gold.
D. light, durable, and common.


Answer: B

Economics

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The goals of monetary policy tend to be interrelated. For example, when the Fed pursues the goal of ________, this helps to achieve the goal of ________

A) high employment; price stability B) interest rate stability; financial market stability C) rapid economic growth; low inflation D) interest rate stability; a balanced budget

Economics

A shortage will occur when

A) the price equals the market clearing level. B) the price is above the market clearing level. C) there is an excess quantity supplied. D) the price is below the market clearing level.

Economics

When Abel Steel Manufacturing purchased three new furnaces for $8.5 million, the value of gross private domestic investment rose by $8.5 million

Indicate whether the statement is true or false

Economics

All economic transactions involve only buyers and sellers; no third parties are involved

a. True b. False Indicate whether the statement is true or false

Economics