Money must be ________ which includes the fact that is should ________
A) generally accepted as a means of payment; be recognizable and divisible into small parts
B) backed by gold; not decrease in value over time
C) whatever is used in a barter system; transferable across countries' borders
D) accepted as a means of payment across countries' borders; not be fiat money
E) in physical form; not be transferable using electronic means
A
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If real GDP grew 5 percent last year and the population grew 2 percent, then real GDP per person grew by ________ percent
A) 2 B) 5 C) 3 D) 7 E) 10
When economists say an activity is consistent with economic efficiency, they mean
a. a majority of citizens favor the activity. b. the benefits that result from the activity exceed the costs. c. the number of people who gain from the activity exceeds the number on whom costs are imposed. d. the costs that result from the activity exceed the benefits.