Economists use the term "money" to refer to
a. all wealth.
b. all assets, including real assets and financial assets.
c. all financial assets, but not real assets.
d. those types of wealth that are regularly accepted by sellers in exchange for goods and services.
d
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In games:
A. all strategies followed in one particular game should all be similar in order to be successful. B. if one person's strategy is wildly different from those of others, he will typically come in first or last. C. there are several strategies that can achieve a single goal. D. there is only one strategy associated with each outcome.
A principle is a self-evident truth that most people readily understand and accept.
Answer the following statement true (T) or false (F)
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Kaitlyn and Larissa have formed a dog bathing and grooming business. The number of dogs they can bathe or groom in any given day is depicted in Table 2.1. The opportunity cost of grooming the third dog in a day is bathing ________ dog(s).
A. 3 B. 4 C. 5 D. 18
Dairy farmers use sawdust for milk cow bedding. What happened to the price of milk because of the housing slowdown in 2007?
A) The price of milk rose as the demand for milk rose. B) The price of milk rose as the supply of milk decreased. C) The price of milk fell as the demand for milk decreased. D) The price of milk fell as the supply of milk increased.