Anything That Is Generally Acceptable in Trading for Goods and Services

question 187

Multiple Choice

Anything that is generally acceptable in trading for goods and services is a

• A) medium of exchange.
• B) capital good.
• C) store of value.
• D) resource.

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Definitions:

Relative

A person connected to another or others by blood or marriage, or a concept that is considered in relation or proportion to something else.

Cost-benefit Analysis

A systematic approach to estimate the strengths and weaknesses of alternatives in terms of their costs and benefits, often used in decision making and project evaluations.

Economic Efficiency

The optimal allocation of resources to maximize the production of goods and services.

Marginal Happiness

The additional satisfaction or utility that a person gains from receiving or consuming one more unit of a good or service.