Credit card balances are not considered to be money primarily because they:
A. are an asset used in making transactions.
B. do not represent an obligation to pay someone else.
C. are not part of people's wealth.
D. are rarely used to make purchases.
Answer: C
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Make use of the misperceptions theory to explain why the short-run aggregate supply curve is upward sloping
What will be an ideal response?
If one country has higher inflation than another, its exchange rate should depreciate.
Answer the following statement true (T) or false (F)
When unions exist in markets
A) firms must have market power in their output markets. B) there no longer is a perfectly competitive labor supply. C) individual workers no longer make labor-leisure trade-off decisions. D) employers have market power in labor markets.
In the long run, the supply curve
A. is less elastic than it is in the short run. B. is more elastic than it is in the short run. C. exhibits no change in elasticity at all. D. exhibits no systematic sequence of changes in elasticity.