A commodity or token is money if it is ________
A. generally accepted as means of payment
B. a store of value
C. used in a barter transaction
D. completely safe as a store of value
A Answer A is the definition of money.
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Given that most investors tend to be risk averse,
A) no one buys risky assets. B) there's a trade-off between risk and return. C) low risk assets provide the best return. D) it must be a superior strategy compared to one that is risk loving.
Constant returns to scale occur when: a. long-run average total cost decreases with an increase in output
b. long-run average total cost increases with an increase in output. c. long-run average total cost remains constant with an increase in output. d. long-run average variable cost decreases with an increase in output.
Refer to the accompanying figure. Which of the following is true?
A. Point A is efficient because it is farthest from the origin. B. Point F is the most efficient because medical care is the highest there. C. Points B, C, E and F are efficient. D. Point D is efficient because it requires using the fewest resources.
According to the principle of marginal productivity, if
A. the product price is less than MRP, the firm is using too little of the input. B. the price of an input rises, the quantity demanded of the input will increase. C. MRP is greater than product price, the firm should reduce the use of the input. D. price of the input equals MRP, the firm is maximizing profit.