When we say that money is fungible, we mean that a dollar spent out of your savings account:
A. is exactly the same as a dollar spent from your checking account.
B. is earmarked for a purpose and can't be spent on everyday expenses like groceries.
C. is not substitutable with any other dollar you have.
D. is worth more than the dollar you have in your pocket.
A. is exactly the same as a dollar spent from your checking account.
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Ingrid's Ice cream Parlor has an own price elasticity of 5 . It has an approximate share of 10% in the market for ice cream. What is the aggregate own price elasticity of the market?
a. 0.1% b. 0.5% c. 0.7% d. 1%
What major historical event led to the most significant challenge to classical economic thinking?
a. The war on poverty b. The American Revolution c. World War II d. The Great Depression e. The oil shocks of the 1970s
An entrepreneur probably will start a business if she sees an opportunity to sell an item at a price:
A. less than the competitors' price. B. equal to the competitors' price. C. equal to the average total cost of producing it. D. higher than the average total cost of producing it.
Government decisions about the level of taxation and public spending are called:
A. legislative budgeting policy. B. fiscal policy. C. congressional policy. D. monetary policy.