A unit of account is
A) anything that is generally accepted in exchange for goods and services.
B) a common measurement in which relative values are expressed.
C) an item's ability to hold value over time.
D) the exchange of goods and services for other goods and services.
E) both a and d
B
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There's not a single golf course in downtown Chicago because
A) it would be physically impossible to produce. B) it would ruin the hustle and bustle of the city. C) the opportunity cost of creating such a course is too low. D) the demand for land for non-golf uses is high enough to discourage such an investment. E) all of the above are true.
Games can be judged according to the payoffs
A) as zero-sum, negative-sum, and positive-sum games. B) as collusive or noncollusive games. C) as competitive or noncompetitive games. D) whether all companies participate or not.