In economics, money is defined as
A) the total value of one's assets in current prices.
B) the total value of one's assets minus the total value of one's debts, in current prices.
C) the total amount of salary, interest, and rental income earned during a year.
D) any asset people generally accept in exchange for goods and services.
Answer: D
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Refer to Figure 9.2. A movement from point b to point c could be caused by a simultaneous ________ and ________
A) decrease in taxes; decrease in the price of oil B) increase in the money supply; increase in the price of oil C) increase in taxes; decrease in government spending D) increase in the price of oil; massive crop failure
If U.S. interest rates are higher than the world interest rates, we would expect the U.S. dollar to appreciate
a. True b. False Indicate whether the statement is true or false
Which of the following is uncharacteristic of monopolistic competition in the long run?
a. a large number of sellers in the industry b. zero economic profits c. price in excess of marginal cost d. firms have no excess capacity
If nominal GDP increases 4 percent during a year, and real GDP increases 7 percent during the same year, which of the following must by true?
a. The total value of GDP must have increased 11 percent during the year. b. The general level of prices as measured by the GDP deflator decreased by approximately 3 percent during the year. c. The general level of prices as measured by the GDP deflator increased by approximately 3 percent during the year. d. Imports must have been about 3 percent larger than exports during the year.