The word "fiat" is
A) used to describe today's money because it is money set by law.
B) used to describe money from when Kings ruled by decree or fiat.
C) the term used to define the concept of barter.
D) another word to mean the "double coincidence of wants."
E) Latin for "backed by gold."
A
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Bagels and cream cheese are complementary goods. Suppose that the price for flour, which is used to produce bagels, increases. The equilibrium price of cream cheese ________, and the equilibrium quantity of cream cheese ________
A) does not change; does not change B) falls; decreases C) falls; increases D) rises; increases E) rises; decreases
Consumer surplus is the difference between the highest price someone is willing to pay for a product and the price he actually pays for the product
Indicate whether the statement is true or false
A baby boom will have what immediate effect on the disposable diaper market?
a. Supply decreases. b. Supply increases. c. Demand decreases. d. Demand increases. e. Supply and demand remains the same.
The development of complex algorithms that perform "brain work" in the future is likely to:
A. increase the number of jobs requiring little thought. B. higher income equality. C. increase overall employment. D. lengthen the overall workweek.