Money as a means of payment refers to:
A. only coins and currency.
B. only actual currency.
C. only coins, currency and credit cards.
D. anything that is generally accepted as payment for goods and services.
Answer: D
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When a nation imports a good or service, the nation's consumer surplus ________, its producer surplus ________, and its total surplus ________
A) increases; decreases; increases B) increases; decreases; decreases C) increases; increases; increases D) decreases; decreases; decreases E) decreases; decreases; increases
Transfer payments represent income that is not earned but received by individuals
a. True b. False Indicate whether the statement is true or false
Which of the following is true?
a. In 2002, national defense accounted for more than half of federal spending. b. Federal spending on national defense has increase rapidly during the last several decades. c. Federal spending on health care programs such as Medicare and Medicaid has increased rapidly during the last several decades. d. Federal spending in the aftermath of hurricane Katrina expanded over 50%.
Those who see the matinee have a demand for movies that is on average _____________ elastic than those who see the evening show.
a. more b. less c. equally d. either more or less depending on the characteristics of the consumer