“Money” is defined as?
a. the currency of a nation.
b. anything that is commonly accepted in exchange for other goods and services.
c. currency that has been designated as legal tender.
d. notes issued by the U.S. Treasury and backed by gold.
Answer: b. anything that is commonly accepted in exchange for other goods and services.
You might also like to view...
How is the average product of labor calculated?
What will be an ideal response?
Which one of the following describes the current state of economic development in the United States?
A) The United States is running out of natural resources, and therefore it will soon experience a drop in the rate of economic growth. B) Employment is declining in the manufacturing sector and growing in the service sector. C) Employment is declining in the manufacturing sector and growing in the agricultural sector. D) The lack of well-defined property rights in the United States means that entrepreneurs do not expect to capture the benefits of innovations they bring to the marketplace.
Monopolistic competition is an inefficient market structure because
a. marginal revenue equals marginal cost. b. it has a deadweight loss, just as monopoly does. c. long-run profits are zero due to free entry. d. All of the above are correct.
Union membership as a percentage of the labor force has been falling since the mid ______.
Fill in the blank(s) with the appropriate word(s).