"Even though we can convert them into money, deposits at banks are not money." Is the previous statement correct or not?
What will be an ideal response?
The statement is incorrect. Some deposits at banks, such as checking account deposits, are a means of payment and fulfill all the functions of money. These deposits are therefore money.
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Refer to the figure below. 
If both firms offer reduced rates, each earns ________, and if both firms keep their rates high, each earns ________.
A. 500; 300 B. 300; 500 C. 300; 50 D. 50; 300
Someone can become an inefficient producer of a particular good by becoming an extremely potent producer of some other good
A) if efficiency and inefficiency are not calculated in terms of opportunity costs. B) if efficiency is measured in terms of labor hours required to produce each good. C) if a larger output of one good entails a smaller output of the other. D) if the demand for one of the goods declines.
The argument that protection ________
A) penalizes poor environmental standards is true B) allows us to compete with cheap foreign wages is true C) is necessary for infant industries is true D) saves jobs is flawed
An American-owned McDonald's opens in Russia. How would the net revenue earned by this restaurant affect the GDP and GNP of the United States?
a. It would increase GNP and GDP. b. It would increase GNP and leave GDP unchanged. c. It would increase GDP and leave GNP unchanged. d. It would leave both GDP and GNP unchanged.