People came to accept fiat money because they believed that others would accept it as well
a. True
b. False
Indicate whether the statement is true or false
True
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In the context of the production possibilities curve, opportunity cost is measured in:
a. dollars paid for the goods. b. the quantity of other goods given up. c. the value of the resources used. d. changing technology. e. units of satisfaction.
Why is determining whether a hypothesis is acceptable more difficult in economics than in the natural sciences?
a. Unlike natural scientists, economists have to use laboratory settings for their tests. b. Unlike natural scientists, economists cannot make broad assumptions about human behavior. c. Unlike natural scientists, economists cannot easily control the variables that affect their subjects. d. Unlike natural scientists, economists have to make abstractions more connected to reality.
Marginal utility is the change in:
A. total utility when an extra unit of output is produced. B. marginal utility when an extra unit of output is consumed. C. total utility when an extra unit of output is consumed. D. average utility when an extra unit of output is consumed.
Strawberries, a normal good, are produced in a perfectly competitive market. Average consumer incomes increase. This will cause the individual strawberry farmer?s marginal revenue to ________ and their profit-maximizing level of output to ________.
A. increase; increase B. increase; decrease C. decrease; increase D. decrease; decrease