Money is
A) an object that is directly consumed.
B) widely used in a barter economy.
C) whatever is generally used to pay for goods, services and resources.
D) something that can be used to buy things but cannot be saved.
C) whatever is generally used to pay for goods, services and resources.
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A monopoly produces and sells 300 units of its product for $8 per unit. If the total cost incurred by the monopoly is $1,800, determine its profit or loss
What will be an ideal response?
Economic growth occurs as a result of all of the following EXCEPT
A) more labor hours. B) growth of capital. C) technological progress. D) less saving.
Suppose the economy goes from a point on its production possibilities frontier (PPF) to a point below that PPF. Assuming that the PPF has not shifted, this could be due to
A) a gain of resources. B) a loss of resources. C) technological improvement in the production of both goods. D) an increase in unemployment of some resources.
Who is included in the labor force by the Bureau of Labor Statistics?
a. Tina, who worked most of the week in a steel factory b. Kelly, who is temporarily laid off but expects to be recalled c. DJ, who does not have a job but is looking for work d. All of the above are correct.