Which statement about money is most correct?
A) Money is a new invention and only includes dollar bills and coins.
B) Money is a new invention and can include anything that is accepted as a means of payment.
C) Money has been around for a long time and can include anything that is accepted as a means of payment.
D) Money has been around for a long time and only includes dollar bills and coins.
E) Money has been around for a long time and only includes checking and savings accounts.
C
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On average in the United States, gift-giving during the Christmas holiday:
A. wastes about $20 billion. B. wastes about $100 billion. C. wastes about $40 billion. D. wastes about $50 billion.
The market demand function for ice cream is Qd = 10 - 2P and the market supply function for ice cream is Qs = 4P - 2, where both quantities are measured in millions of gallons per year. What is the aggregate surplus at the competitive market equilibrium?
A. $4.5 million B. $9 million C. $13.5 million D. $27 million