For something to be considered money it must be:
A. Can be used to barter.
B. Generally accepted as a medium of exchange.
C. Has value.
D. A government declares to have value.
Answer: B
Economics
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Refer to the scenario above. How much should he pay for the painting if he thinks that there is a 70% chance that the painting he is buying is original?
A) $50,000 B) $35,000 C) $70,000 D) $15,000
Economics
Which of the following is true of monopolistic competition?
A) There is only one seller in this market structure. B) The product sold by each seller in this market structure is identical. C) The firms in this market structure earn huge economic profits in the long run. D) There are a large number of sellers each selling a differentiated product.
Economics