Which of the following is the best definition of money?
a. anything generally accepted as a payment for goods or repayment of debt
b. anything that is a liability of the federal government
c. anything that is a liability of a commercial bank
d. the outstanding balances of households on credit cards
A
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Producer surplus for the whole market can be thought of as
A) total profit. B) variable operating profit plus factor rents. C) total profit minus factor rents earned by lower cost firms. D) total profit plus factor rents earned by lower cost firms.
The principle of revealed preference would say that if Xavier chooses market basket A over market basket B then:
A) if A is more expensive than B, then Xavier must prefer A over B. B) if A is more expensive than B, then Xavier must prefer B over A. C) if A is less expensive than B, then Xavier must prefer A over B. D) if A is less expensive than B, then Xavier must prefer B over A.