According to the economic way of thinking, "money" is defined as
A) anything backed by gold.
B) anything backed by some other commodity.
C) anything used as a general medium of exchange.
D) anything the government declares to be legal tender.
C
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A nation's total external wealth is calculated as:
A) the sum of total assets minus total liabilities expressed in local currency. B) total assets expressed in foreign currency minus total liabilities expressed in foreign currency. C) the sum of total assets minus total liabilities expressed in foreign currency. D) the sum of physical assets within the nation, domestic stock market capitalization, and government assets minus total liabilities.
Refer to the above figure. The figure gives the payoff matrix for two individuals who are being accused of robbing a bank together. Which of the following is the outcome with cooperation?
A) Both confess. B) Both don't confess. C) Bob confesses while Harry does not confess. D) Harry confesses while Bo does not confess.