Gradually people came to accept what kind of money because they believed that others would accept it also?
a. gold
b. fiat money
c. silver
d. commodities
b
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Suppose the price of capital and labor remain constant. As a firm's expenditures for capital and labor increase, its isocost line
A) rotates outward on the Y-intercept. B) shifts in parallel to the original isocost line. C) rotates outward on the X-intercept. D) shifts out parallel to the original isocost line.
One impact of a rise in the dollar's value is that
A) imports become cheaper for the U.S. consumer. B) exports will increase sharply. C) U.S. goods will become cheaper overseas. D) U.S. goods are cheaper domestically.
To answer the question, refer to the following table showing a demand schedule: 
If price rises from $100 to $150,
A. an arrow representing the price effect points upward and is shorter than an arrow for the quantity effect, which points downward. B. the arrow representing the price effect points down and the arrow representing the quantity effect points up. C. total revenue moves up as indicated by the direction of the arrow representing the price effect. D. arrows representing the price and quantity effects both point upward. E. both c and d
Refer to the diagram above. The phases of the business cycle from points A to D are, respectively:
Expansion, recession, trough, peak Trough, recovery, expansion, peak Peak, recession, trough, expansion Peak, recession, expansion, trough