Distinguishing among money, income, and wealth
A. A person's money is the currency held and the checking account balance, income is the earning and wealth is equal to the value of assets minus all debts
B. A person's money is the currency held and the earnings from work, income is equal to the bank balance and wealth is equal to the profit from investment
C. A person's money is the currency in the pocket, income is the earning and wealth is equal to asset value
Ans: A. A person's money is the currency held and the checking account balance, income is the earning and wealth is equal to the value of assets minus all debts
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Refer to the above figure. From the standpoint of society, the optimal price is
A) P1 B) P2 C) P3 D) P5
An international trade shock arising from a sudden increase in import demand is likely to be least disruptive to a country with
A. a floating exchange-rate system. B. a fixed exchange-rate system with sterilization. C. a surplus in the overall payment balance. D. a fixed exchange-rate system without sterilization.