Money is:
A. controlled by the supply and demand of goods and services on which our money is spent.
B. represented only by the amount of dollars and coins in our economy.
C. the set of all assets that are regularly used to directly purchase goods and services.
D. anything that we use to buy goods and services as long as it is not a good itself.
Answer: C
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Economic theory defines capital as
A) anything that is scarce. B) non-human resources. C) produced resources used to produce future goods. D) resources containing a positive opportunity cost. E) stocks and bonds.
A monopsony is a market structure in which there is a
A) single seller. B) single buyer. C) price floor set by a regulatory agency. D) price ceiling set by a regulatory agency.
When overall production is taken into account, trade restrictions, such as those enacted by the Smoot-Hawley trade bill,
A) save good paying jobs. B) reduce imports, without affecting the volume of exports. C) increase employment in the domestic industries that are most productive. D) neither create nor destroy jobs; they
American and European farmers can sell their crops well below the cost of production thanks to ____________ given by their respective governments.
Fill in the blank(s) with the appropriate word(s).