One point virtually all economists agree on when defining money is that:
a. money must be spendable
b. money must be liquid.
c. money must be accepted as payment.
d. all of the above are correct.
d
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If the prices of goods and services were expressed in terms of carved wooden beads, then the carved wooden beads would be serving as a
A) store of value. B) medium of exchange. C) mechanism for transforming present purchases into future purchases. D) unit of account.
In the above figure for a monopolistically competitive firm, the total cost at the profit-maximizing point is
A. $540. B. $880. C. $400. D. $480.
According to economic analysis, the optimal level of pollution is
A. at the point at which the marginal benefits from pollution control are equal to the marginal cost. B. at the point at which the marginal benefits of pollution control exceed the marginal cost. C. at the point at which the marginal benefits of pollution control are less than the marginal cost. D. always zero.
The two basic ways for workers to acquire human capital are
A) formal education and "learning by doing." B) purchases in the capital market and trade. C) increases in the capital stock and increases in total factor productivity. D) training and intuition.