Money is defined by economists as
A) the market value of an asset.
B) the funds one receives during a specified period of time.
C) any good that is widely accepted in exchange and for the repayment of debts.
D) both b and c
E) all of the above
C
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Suppose that a study is released stating that the fewer books people read, the more velvet paintings they tend to own. This is best described as an example of
A. positive correlation. B. negative correlation. C. positive causation. D. negative causation.
The contributive standard (merit standard) for distributing income implies that
A) income should be distributed equally. B) income should be distributed according to need. C) income should be distributed according to the marginal productivity of workers. D) a transfer should be contributed to an individual above his or her contribution to net output.