In economics, money is
A) a financial instrument backed by some precious metal such as gold or silver.
B) whatever the government defines it to be.
C) anything that people generally accept in exchange for goods and services.
D) another term for income.
C
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If growing income inequality results from or encourages more rent seeking that, as a whole, make society worse off, this will
A) increase the size of the economic pie despite the income inequality. B) decrease the size of the economic pie. C) not change the size of the economic pie because the rent-seeking behavior will benefit enough parties to completely offset the effects of the increases in income inequality. D) result in complete income inequality as rent seeking continues to occur in the future.
If two events are perfectly negatively correlated, then
A) diversification can reduce but not eliminate risk. B) diversification can eliminate risk. C) diversification has no impact on risk. D) diversification cuts risk in half.