If money is declared to be legal tender, it must be
A) minted from a precious metal.
B) acceptable to citizens of foreign countries.
C) possible to exchange it for an equivalent amount of precious metal.
D) accepted to settle private transactions and it must be used in paying taxes.
D
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If output is increased in the long-run, average production costs in the presence of internal diseconomies of scale will ________, and in the presence of external diseconomies of scale, will ________
A) decrease; decrease B) increase; remain constant C) remain constant; increase D) decrease; remain constant E) increase; decrease
The statement "What the economy needs is a good war" is a perverse way of acknowledging that
a. patriotism is an important factor influencing people's acceptance or rejection of specific political parties and that these parties affect national economic performance b. over-population can ignite a population-induced business cycle c. wars require new technology, illustrating the idea that necessity is the mother of invention d. governments can be a cure worse than the disease e. war generates new and multiple demands for goods in the economy and that can jump start an economy that is in a recession into its recovery phase
The most important implicit cost generally omitted from the accounting statement of a firm is the
a. rental cost of machinery. b. cost of compliance with government regulations. c. opportunity cost of the equity capital invested by the owners. d. accounting cost incurred as the result of tax compliance.
If one is inside the production possibilities frontier,
A. more resources are needed to move to the frontier. B. production of one commodity can be produced but not more of both. C. production is not on the production contract curve. D. All of these are true