According to the economic way of thinking, "money" is defined as
A) anything backed by gold.
B) anything backed by some other commodity.
C) anything used as a general medium of exchange.
D) anything the government declares to be legal tender.
C
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Assume a country produces two types of goods: manufactured goods and agricultural goods. When this country experiences economic growth, we know that
A) the production possibilities curve will shift inward. B) there will be movement along the curve toward more agricultural goods. C) there will be a movement along the curve toward more manufactured goods. D) the production possibilities curve will shift outward.
The Fed raises the federal funds rate. Which of the following changes takes the longest time before it occurs?
A) Quantity of money decreases. B) Exchange rate rises. C) Supply of loanable funds decreases. D) Aggregate demand decreases. E) Short-term interest rates rise.
Which of the following is a source of information that helps consumers acquire information about the quality of a good or service?
a. brand names b. franchising c. consumer ratings magazines d. all of the above
Explain the relationship between average fixed cost and marginal cost.
What will be an ideal response?