Money is not an economic resource because:
A. money, as such, does not produce anything.
B. idle money balances do not earn interest income.
C. it is not scarce.
D. money is not a free gift of nature.
Answer: A
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Prior to 1970, mortgages were ________ resold in the secondary market
A) never B) often C) rarely D) always
In the 1990s, the unemployment rates in the U.S. were higher than that in the European nations
a. True b. False Indicate whether the statement is true or false
A jeweler cut prices in his store by 20%. As a result: a. Its total revenue would fall by 20% if the elasticity of demand was zero
b. Its total revenue would fall, but by less than 20% if the elasticity of demand is greater than zero but less than one. c. Its total revenue would rise if the elasticity of demand is greater than one. d. All of the above would be true.
Which term represents a situation in which all firms earn zero economic profits producing the output level where P = MR = MC and P = AC?
a. Perfect competition b. Marginal revenue c. Long-run equilibrium d. Shut-down point