Liquidity is defined as
A) the ease with which a given asset can be converted to a store of value.
B) the ease with which a given asset can be converted to a unit of account.
C) the ease with which a given asset can be converted to a standard of deferred payment.
D) the ease with which a given asset can be converted to a medium of exchange.
D
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If the marginal product curve is intersecting the average product curve, we know that
A) the average variable cost curve is intersecting the average total cost curve. B) the marginal cost curve is intersecting the average fixed cost curve. C) the average total cost curve lies above the marginal cost curve. D) the marginal cost curve is intersecting the average total cost curve.
The total utility of a good is equal to the marginal utility of the last unit consumed
a. True b. False Indicate whether the statement is true or false