Suppose that the federal government suddenly declared that wheat was to be used as money. What is a possible outcome of that decision?
A. The value of the "wheat dollar" would be unstable depending on crop yields from year to
year.
B. Farmers would replace corn and soy crops with wheat.
C. Wheat would function as money so long as people accept it in exchange for goods and
services.
D. All of these are possible outcomes.
D. All of these are possible outcomes.
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Suppose two neighbors share a park. One neighbor, Al, leaves trash in the park. This bothers the other neighbor, Bert. According to Coase's theorem, the optimal level of trash in the park can be achieved if
A) Al is fined by the government. B) Al has the right to leave trash and Bert cannot do anything about it. C) Al has the right to leave trash and Bert can pay him to limit his dumping. D) Bert moves.
The most likely complementary good for hot dogs would be:
A. ketchup. B. burgers. C. tacos. D. pizza.
Which controversy developed over a disagreement about how managers make profit maximizing production decisions?
a. Lester-Satlow b. Lester-Machlup c. Friedman-Lester d. Friedman-Phelps e. Kalecki-Gottheil
Exhibit 8-4 Demand and cost curves for a monopolist
?
As shown in Exhibit 8-4, in order to maximize its profit (or minimize its loss), how much output should the monopoly produce?
A. 2 units per hour. B. 4 units per hour. C. 6 units per hour. D. 8 units per hour.