Refer to Scenario 18.1. When Curly made the loans to Moe, Larry, and Shemp, there were 500 coins' worth of receipts. These receipts are best described as
A) commodity money.
B) representative commodity money.
C) partially backed representative commodity money.
D) fiat money.
C
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Total efficiency units of labor in an economy increases if ________
A) the average number of hours worked by each worker decreases B) each worker becomes more productive C) each worker earns a lower wage D) the amount of capital available to each worker diminishes
Which of the following is part of the economic way of thinking? a. When an option becomes less beneficial, individuals will become more likely to choose it. b. Costs are incurred whenever scarce resources are used to produce goods or services
c. The value of a good is determined by its cost of production. d. Both a. and b. are part of the economic way of thinking.
Markets can give a buyer everything a buyer needs to know about a product even though the buyer does not have the training to understand the specific knowledge needed to build or distribute the product. Explain.
What will be an ideal response?
Refer to the tables. Which of the following would be feasible terms for trade between Latalia and Trombonia?
Answer the question on the basis of the following production possibilities tables for two countries, Latalia and Trombonia:
A. 1 ton of beans for 1 ton of pork
B. 2 tons of beans for 1 ton of pork
C. 6 tons of beans for 1 ton of pork
D. 4 tons of beans for 1 ton of pork