A good can serve as money only if O A it is declared by auth

A good can serve as money only if O A. it is declared by authorities to be legal tender O B. citizens accept the good as a means of payment for transactions and debts. C. govemment mandates that the good must be accepted in payment of debts. 0 D. it has intrinsic value or if it is backed by precious metals.

Solution

Answer.)

Q1.) B.) Citizens accept the good as the means of payment for transactions and debts.

Q2.) D.) The most common

Partnership is most common type of business as it diversify potential losses and provide a platform for engaging firms to share technology, experience and manpower to generate possible economic profits.

Q3.) B.) 3 million tons of steel

At point X, the economy is producing 19 million tons of steel and at point W economy is producing 16 million tons of steel.Hence, opportunity cost of 3 million tons of steel.