Which of the following is the best definition of money?
a. Anything generally accepted as payment for goods or repayment of debt
b. Anything that can be converted to a liquid asset
c. A national currency that is backed by gold or other precious metals
d. Paper or coin currency that is produced by the Federal Reserve
A
Economics
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The largest component of federal government spending is for
A) Medicare and Medicaid. B) interest on the national debt. C) prisons. D) national defense. E) education.
Economics
Refer to Figure 9.3. If the market is in equilibrium, total producer surplus is
A) $2. B) $3. C) $200. D) $400. E) $600.
Economics