In economics, money is defined as
A) any asset people generally accept in exchange for goods and services.
B) the total amount of salary, interest, and rental income earned during a year.
C) the total value of one's assets minus the total value of one's debts, in current prices.
D) the total value of one's assets in current prices.
A
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When a commercial bank receives a deposit, it must keep part of the deposit as cash reserves to satisfy its
A) loan requirements. B) interbank loans. C) required reserves. D) securities and loans. E) excess reserves.
If a German firm produces cars in the United States, that production should count towards
A) U.S. GDP. B) German GDP. C) U.S. GNP. D) both U.S. GNP and German GDP.
The asset demand for money is
A) greater at high interest rates as investors can earn more on their investments. B) greater at low interest rates, because the opportunity cost of holding money is low. C) greater at low interest rates, because the opportunity cost of holding money is high. D) lower at low interest rates, because the opportunity cost of holding money is high.
Jamaal lost his job when a mechanical device replaced people with his skills. If Jamaal's skills are non-transferable, he would be considered to be structurally unemployed
Indicate whether the statement is true or false