Money is:
A. the same as income.
B. all financial assets.
C. the sum of assets minus debts.
D. any asset used to make purchases.
Answer: D
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A monopoly is a firm that produces a good or service for which no close substitute exists
Indicate whether the statement is true or false
Asset specificity is largest when
a. value in first best use is large b. value in second best use is large c. customers choose their supplier at random d. very valuable assets are non-redeployable e. customers are loyal to a particular seller
The substitution bias in the CPI arises because the CPI:
A. is based on a fixed basket of goods and services. B. does not adequately allow for improvements in products. C. understates the "true" rate of inflation. D. measures prices at two different times.
Based on the figure below. Starting from long-run equilibrium at point C, a decrease in government spending that decreases aggregate demand from AD1 to AD will lead to a short-run equilibrium at__ creating _____gap.
A. B; no output B. D; an expansionary C. B; recessionary D. D; a recessionary