For a commodity or token to be money it must
A) be accepted in exchange for all other goods and services.
B) have a double coincidence of wants.
C) be backed by government precious metals, like gold.
D) be paper.
E) be issued by the government or a government agency.
A
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Refer to the diagram for a private closed economy. At the equilibrium level of GDP, the APC and APS:
A. are 5/6 and 1/6 respectively.
B. are equal to the MPC and MPS respectively.
C. are 4/5 and 1/5 respectively.
D. cannot be determined from the information given.
Use the following figure showing the domestic demand and supply curves for product B in a hypothetical economy to answer the next question,
After trade, at a world price of Pw, the net gain of consumer surplus equals area(s)
A. B + C. B. D. C. B + C + E + F. D. E + F.